Thursday, March 04, 2010

RIP Home Renovation Tax Credit

Today's budget confirmed the Home Renovation Tax Credit is a thing of the past. That's a shame. It was hugely successful and popular this past year. It encouraged spending that stays in our community and boosts our economy. Extending the credit for one more year would have cushioned home owners from the negative impact of the expected increase in interest rates and of the Harmonized Sales Tax, which will increase the cost of home renovations by 8% in July.

Extending the credit would have also saved me $1350.

Oh well. You win some, you lose some.


Anonymous said...

No wrong, it's not a shame. I actually like this otherwise terrible budget a little more now thanks. This 'tax break' is-er, was, really a distortionary subsidy that had the effect of inflating Canada's housing bubble, America style. Good riddance.

Anonymous said...

I will miss the HRTC as well. I reno-ed my kitchen last year and was hoping to do my bathrooms this year...Now I am not so sure. It was stimulus and it worked. My construction friends have never been busier.

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Anonymous said...

I also was hoping for the home reno tax credit as I purchased my 1st home in 2010, but as long as we are not as a province creating a huge deficit at least we wont be passing our problems off to the future.

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