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Home Renovation Tax Credit Is Good Policy

A federal election is underway and the Conservative Party recently announced a permanent Home Renovation Tax Credit as part of their platform.

Taxpayers would be able to claim up to 15% of the cost of renovations between $1,000 and $5,000 allowing a credit of up to $600 per year.

A permanent Home Renovation Tax Credit is a sensible policy that VRBA has long advocated to local MP’s and federal ministers.

A renovation tax credit promotes energy efficiency in older homes, homeowner health and safety, skilled jobs, and helps battle the underground economy.

It’s good to see this policy getting traction during the election campaign, irrespective of political party.

The benefits of a home renovation tax credit are:

  • Most effective, affordable way to improve energy efficiency in Canada’s housing stock;
  • Health and safety promoted by encouraging the use of professional contractors for abatement of asbestos found in insulation, stucco, drywall mud, roof shingles, floor tiles and more.
  • More tax revenue generated by requiring receipts, which discourages Canada’s underground economy;
  • Offers young people the opportunity to learn a trade of which there is an impending shortage;
  • Creates skilled jobs in every community across Canada.

VRBA will continue advocating for effective housing policies like the Home Renovation Tax Credit to ensure candidates and voters are aware of the importance to affordability, health, skilled jobs, and our environment.

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This column appears Wednesdays in the Times Colonist newspaper.

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