The Home Renovation Tax Credit and You

January 07, 2010

For those who are considering renovating their homes, there is no better time than now and before it is too late. That’s because the Home Renovation Tax Credit, which is saving residents in Lambton-Kent-Middlesex  money while they increase the values of their homes, can only be taken advantage of before February 1, 2010.
 
The savings alone make the extra effort to pick up the phone or put on a tool belt well worth it. Canadian homeowners who begin renovations of $10,000 or less before the deadline can earn up to $1,350 in tax rebates on their 2009 tax bill.
 
You too can add value to your home by finishing the basement, tiling the bathroom or even giving their bedrooms a new coat of fresh paint. These renovations, and many more, are all considered to be eligible under the HRTC.
 
Homeowners, meanwhile, have the freedom to decide whether they’ll do the work themselves or call a contractor to do the work for them. However, it is important for homeowners to remember to keep the contracts and receipts for any work done or material purchased over the course of the renovation.
 
The best part about the HRTC is many in Lambton-Kent-Middlesex are already benefitting from this measure. Newspapers reported this summer that home renovators were helping to increase business and sales at hardware and home building supply stores. The reason according to the Globe and Mail? “The federal government’s new tax credit for renovations.”
 
The construction industry as a whole has been leading the rebound in new jobs being created across the country. After being one of the hardest hit industries at the start of the global economic recession, over 11,000 jobs were created in this sector this past October alone. Local plumbers, electricians, builders and contractors are all going back to work.
 
When our Conservative Government decided to create Canada’s Economic Action Plan, we looked for innovative ways to help kick-start the economy. Almost a year later, it seems that almost everyone you ask has started gathering their receipts so they can take advantage of the HRTC. There is strong evidence that this is helping to create jobs and stimulate the home renovation sector. We trust the opposition parties will continue to support us to see this measure through to the end.
 
So if you are thinking of carrying out home renovations, don’t wait until it’s too late. With action like the Home Renovation Tax Credit, our Conservative Government is providing an opportunity for everyone in Lambton-Kent-Middlesex  to help strengthen our economy for a brighter future.

For more information on the HRTC, feel free to contact me by phone, email or fax or visit my web site at www.bevshipley.ca.
 
Yours truly,
Bev Shipley, MP
Lambton-Kent-Middlesex