I have been lamenting (see RANT) the fact that Toronto's Newspapers have focused almost exclusively on negative stories while virtually ignoring anything positive.
After some reflection I came to the conclusion that if I was growing weary of the daily negativity than I was sure others felt the same way.
It also occured to me that other like minded Canadians may want to hear about some good news. I am sure that most people people can't even imagine that there is any good news out there.
I am going to endeavour to search the media for "positive" stories. I am not sure how often I will be able to post the stories (after all I do have a real job) but rest assured I will make a concerted effort to do so.
The stories will not be restricted to economic or financial news but also include anything I think would be received as "positive"or "feel good".
So sit back and relax and for heavens sake try to smile.
Canada's Economic Action Plan (excert)
Details were released in the most recent budget outlining a variety of tax breaks for Canadians. I don't intend to go into depth here, but will focus on the items that will help with home ownership.
In challenging economic times, tax reductions are an essential part of the Government's effort to stimulate the economy in the short-term. Reducing taxes also helps build a solid foundation for future economic growth, more jobs, and higher living standards for Canadians.
Budget 2009 proposes $20 billion in new personal income tax relief over 2008-09 and the following five fiscal years. These measures will provide:
* Immediate personal income tax relief, particularly for low-to middle-income Canadians.
* Tax support for home owners and first-time home buyers.
Let's focus on the "Tax support for home owners and first time home buyers".
The Home Renovation Tax Credit (HRTC)
Budget 2009 proposes to implement a temporary 15-per-cent Home Renovation Tax Credit (HRTC) to provide some $3 billion in tax relief to an estimated 4.6 million Canadian families. The HRTC will encourage investments in Canada's housing stock, provide employment for tradespeople and boost sales for those who make and sell building products.
The HRTC will apply to eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009.
The 15-per-cent credit may be claimed on the portion of eligible expenditures exceeding $1,000 but not more than $10,000, and will provide up to $1,350 in tax relief.
Home Buyers' Plan Withdrawal Limit
To provide first-time home buyers with additional access to their RRSP savings to purchase or build a home, Budget 2009 proposes to increase the Home Buyers' Plan (HBP) withdrawal limit to $25,000 from $20,000.
This is the first increase in the withdrawal limit since the HBP was introduced in 1992
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First-Time Home Buyers' Tax Credit
To assist first-time home buyers with the costs related to the purchase of a home, Budget 2009 proposes to introduce a First-Time Home Buyers' Tax Credit. A 15-per-cent credit will be applied to a $5,000 amount, and will provide up to $750 in tax relief to reduce the costs associated with first home purchases completed after January 27, 2009.
You can find the complete article at the link bellow...
http://www.budget.gc.ca/2009/pamphlet-depliant/pamphlet-depliant2-eng.asp
