Canada Revenue Agency

Canada Revenue Agency

March 27, 2015 16:44 ET

Harper Government Supports Canadian Families at the Regina Spring Home Show

Minister Findlay underscores Harper Government's commitment to protect Canadians by combatting the underground economy and highlights federal tax cuts and benefits available to homeowners.

REGINA, SASKATCHEWAN--(Marketwired - March 27, 2015) - Canada Revenue Agency

The Honourable Kerry-Lynne D. Findlay, P.C., Q.P., M.P., Minister of National Revenue, spoke to visitors and exhibitors at the Regina Spring Home Show today to highlight the Government of Canada's measures to help Canadians achieve home ownership and to fight the underground economy to protect both homeowners and legitimate businesses in the construction and home renovation sector.

To help raise public awareness about the safety and financial risks associated with participating in the underground economy, Minister Findlay announced on March 5, 2015 that the Government of Canada is providing approximately $745,000 over the next three years to support the Canadian Home Builders' Association's Get it in Writing! campaign. The Get it in Writing! initiative provides consumers with tools and information to discourage and reduce participation in the underground economy. In particular, it warns consumers of the risks of doing business "under the table" and urges them to ask for receipts when hiring a contractor.

Minister Findlay also highlighted some of the family tax cuts and benefits available to Canadian families to help make home ownership more affordable, including:

• the First-Time Home Buyers' Tax Credit, a non-refundable tax credit that can provide up to $750 in federal tax relief to help Canadians cover some of the costs associated with the purchase their first home; and

• the Home Buyers' Plan, which allows eligible home buyers to withdraw funds from their registered retirement savings plans to help cover the costs of buying or building a qualifying home.

Quick Facts

• Last fall, the Honourable Kerry-Lynne D. Findlay, Minister of National Revenue, launched a three-year strategy, Reducing Participation in the Underground Economy, to combat the underground economy in high-risk sectors of the Canadian economy.

• The Government of Canada works closely with industry and other levels of government to combat the underground economy in Canada. On November 17, 2014, the Minister of National Revenue's Underground Economy Advisory Committee held its first meeting in Toronto, Ontario. The Advisory Committee has representatives from academia and industry associations representing the financial, restaurant, retail, home building, and construction industries, as well as small businesses and chambers of commerce.

• The First-Time Home Buyers' Tax Credit is a $5,000 non-refundable tax credit that helps Canadians cover the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes.

• Under the Home Buyers' Plan, eligible Canadians can withdraw up to $25,000 ($50,000 for a couple) from their registered retirement savings plans in a calendar year, to help cover the cost of buying or building a home for themselves or for a related person with a disability.

Quotes

"Every Canadian bears the cost of the underground economy. It allows dishonest businesses to thrive over their honest competitors, and limits the ability of governments to invest in our communities. A simple act like asking for a receipt can protect consumers from safety risks and financial disaster, support investments in your community, and help legitimate local businesses to create jobs and growth."

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue

"Our Government understands the importance of home ownership, to Canadian families and to ensuring job creation and a stable economy. We have increased the amount of the Home Buyers' Plan and we have introduced the First-time Home Buyers' Tax Credit to help make home ownership more affordable for Canadian families."

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue

"We are pleased to be a part of the Government of Canada's collaborative efforts to tackle the underground economy in the construction and home renovation industry. I know our members appreciate the Government commitment and support to address this important problem. The personal and financial risks that consumers face when dealing with under-the-table contractors are very real. The Regina Home Builders' Association urges Canadians to not expose themselves to these risks; they are simply not worth it. We encourage consumers to always ask for receipts when hiring a contractor."

Stu Niebergall, President and Chief Executive Officer, Regina and Region Home Builders' Association

Related Product

Reducing Participation in the Underground Economy: http://www.cra-arc.gc.ca/gncy/lrt/strtgy-eng.html

Associated Links

The underground econony (CRA's website)

The Canadian Home Builders' Association

Get it in Writing!

First-Time Home Buyers' Tax Credit

Home Buyers' Plan

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Contact Information

  • Rebecca Rogers
    Director of Communications
    Office of the Minister of National Revenue
    613-995-2960

    Philippe Brideau
    Media Relations
    Canada Revenue Agency
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