Income Tax Relief for Low and Middle-Income Canadians - Two changes were announced that will benefit individuals. First, the upper limit for the 15% tax bracket will be increased from $38,832 (for 2009 with indexation) to $40,726 and the upper limit for the 22% tax bracket will be increased from $77,664 to $81,452. The upper limit for the 26% tax bracket remains unchanged at $126,264. In addition, the personal (and spouse/partner) credit amount will be increased from $10,100 to $10,320. Both changes will apply to 2009 and subsequent years.
Age Amount Increased - For 2009, the amount on which the age credit is based will be increased by $1,000 to $6,408.
Tax Credit for Qualifying Renovation Costs - As speculated in the media, a temporary Home Renovation Tax Credit was introduced. Eligible expenditures in excess of $1,000 for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009, will be eligible. The maximum credit is $1,350 (being 15% of expenses over $1,000 to a maximum expense amount of $10,000).
First-time Home Buyers' Incentives - The budget proposes to introduce a new non-refundable tax credit based on an amount of $5,000 for first-time home buyers who acquire a qualifying home after January 27, 2009 (the credit will be 15% of this amount). In addition, the maximum withdrawal allowed under the Home Buyers' Plan will be increased to $25,000 (from $20,000) for the 2009 and subsequent taxation years.
RRSP Losses After Death - New rules will be introduced to provide relief where a taxpayer has passed away and the value of RRSP or RRIF assets has declined after death. Under the new rule, the amount taxable on death (where a rollover is not available) will be the lesser of the value of plan assets at the time of death or the value of assets distributed from the plan. This change will apply to situations where the final distribution from the plan occurs after 2008.
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