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Renovation Tax Credit Needed in BC

The BC government has generated $2.2 billion from the Property Transfer Tax and 15% foreign buyer tax surcharge, which is about a billion dollars more than anticipated.

It’s time to implement a renovation tax credit that will address a wide range of housing issues:

1. CMHC studies show renovations reduce air changes from 10 to 20 per hour and as high as 40 down to 3.5 to 5 air changes and are the most affordable, effective way to increase energy efficiency and reduce GHG’s in the housing stock;

2. Reno tax credits can help prepare homeowners for earthquakes, a big issue on the coast. A massive earthquake is a case of  when, not if.

3. Reno tax credits promote homeowner health and safety by encouraging the use of professional contractors for abatement of hazardous materials such as lead as well as asbestos found in insulation, stucco, drywall mud, roof shingles, floor tiles, electrical wires, cement;

4. Reno tax credits generate tax revenue by encouraging homeowners to require receipts, helping to battle the underground economy;

5. Residential construction offers young people the opportunity to learn important skilled trades of which there is an impending shortage;

6. Residential construction creates significant local employment in every community across BC;

A Home Renovation Tax Credit promotes affordable energy efficiency in older homes, health and safety for homeowners, and skilled jobs in every BC community, while helping to discourage the underground economy.

BC has generated more than enough funding from the housing market to launch a provincial renovation tax credit program, as Quebec already accomplished.

Even Brandon, Manitoba managed to initiate a renovation tax credit via property taxes.

It’s time for British Columbia to step up and address the many housing issues ranging from effective energy efficiency to health, funded by an enormous windfall created by the housing market.

 

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