Legislation implementing the Home Renovation Tax Credit as well as other several other measures, outstanding from the 2009 federal budget have received Royal Assent, Finance Minister Jim Flahery announced Wednesday.

“These measures will provide some welcome relief for hard-working Canadians,” said Flaherty. “Many homeowners have already taken advantage of the Home Renovation Tax Credit to improve and invest in the long-term value of their homes. The passage of this bill means that they can enjoy the holidays secure in the knowledge that they will receive the tax credit come income tax time.”

In addition, Bill C-51:

• implements the First-Time Home Buyers’ Tax Credit;

• enhances the benefits provided under the Working Income Tax Benefit;

• extends the existing tax deferral available to farmers in prescribed drought regions to those who dispose of breeding livestock because of flood or excessive moisture and sets out the regions prescribed either as eligible flood or drought regions in 2007 to 2009; and

enhances Canada Pension Plan (CPP) benefits by removing the work cessation test starting 2012, enhancing the general drop-out provision, extending participation to working beneficiaries and improving fairness in the pension adjustments for early and late CPP take-up.

IE