Advertisement
The HRTC has kept contractors in business and Canadians happy, but the good times are about to end.
It’s a sad month for Canadians who want to renovate their homes. The home renovation tax credit expires at the end of the month and Jim Flaherty has said he won’t renew it.
According to the finance minister, the credit will cost the government $3 billion in 2009, a big number to be sure, but it’s been been a boon to homeowners and the home renovation sector — the Canada Revenue Agency has said at least 3.5 million people have had questions about the program.
It’s unfortunate that Flaherty won’t keep the program running. To have people renovating their homes during the worst financial crisis in decades, and keeping money pumping into the economy, is something the government should be proud of. Money still isn’t flowing freely, people are still out of work and everyone’s still thinking twice (or they should be) about emptying their wallets on a renovation project. If he doesn’t extend the credit, then I suspect there’s a good chance people will put off that bathroom fix until the economy really does stabilize.
Maybe we’ll get a surprise in the budget, but if the Conservatives are going to be as strict with their spending as they seem to be saying they will be, then those renovations may have to wait until you’ve got some money to burn.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Eli Lilly, BCE, Suncor, Canada Goose, Bombardier, Thomson Reuters and Lightspeed reported earnings this week. Here are the details...
Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...
You can’t just claim anything. In preparing to file your income tax return, you will need to save receipts...
Swedish death cleaning is catching on in Canada. Learn how it can help you save money, simplify estate planning...
To minimize taxes and maximize benefits, learn the difference between deductions, credits and other forms of tax relief by...
Use the mortgage rate finder to compare the most current mortgage rates from the big banks and brokers instantly.
The federal government has made a last-minute change to its capital gains inclusion rate increase. However, other tax changes...
Business groups, economists sound the alarm over Trump's incoming tariffs, and which are predicted to cost Canadian households $1,900.
