Minister Findlay highlights EAP 2015 proposal to invest $118 million to fight the underground economy and the Government’s partnership with the Canadian Home Builders’ Association on its Get it in Writing! campaign.
June 26, 2015 St. John’s, NL Canada Revenue Agency
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, delivered remarks at the Canadian Home Builders' Association's (CHBA) 26th Executive Officers' Council Professional Development Forum in St. John's, Newfoundland and Labrador. She highlighted the government's plan, through Economic Action Plan 2015, to invest $118 million over five years to fight Canada's underground economy, as well as the Government's commitment to protect homeowners and legitimate businesses in the construction and home renovation sector.
Under the Economic Action Plan 2015 proposal, the Canada Revenue Agency will expand its Underground Economy Specialist Teams. These teams will target underground economy activity in high risk sectors of the Canadian economy.
To help raise public awareness about the safety and financial risks associated with participating in the underground economy, Minister Findlay also highlighted 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.
In addition, Minister Findlay highlighted some of the family tax cuts and benefits available to Canadian families to help make home ownership more affordable, including:
- the Home Accessibility Tax Credit, proposed through Economic Action 2015, which would allow seniors, disabled persons, or their spouses or caregivers, to claim up to $10,000 in eligible expenses to help cover some of the costs of keeping their homes safe, secure, and accessible.
- 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 of 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.
Reducing Participation in the Underground Economy: http://www.cra-arc.gc.ca/gncy/lrt/strtgy-eng.html
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Rebecca Rogers
Director of Communications
Office of the Minister of National Revenue
613-995-2960
Philippe Brideau
Media Relations
Canada Revenue Agency
613-941-6269
