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Industry Related News
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The New Ontario HST Attacks Renovators and Home Builders The plan to replace the GST and PST with Harmonized Sales Tax, or HST by the Ontario government has many renovators and builders’ organizations wondering about the sanity of such a proposal. The harmonization of the tax spreads it into areas like renovation and property closing costs that never were taxed before. This could lead to a deepening of the recession that may extend it and cause many renovators to go out of business or underground. |
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Could the New Ontario HST Actually Be a Temporary Good Thing for Contractors and Builders? The Ontario government plans to replace the GST and PST with Harmonized Sales Tax, or HST. Many builders’ organizations conclude the added tax will be a burden on home buyers and that this will extend the recession in Ontario to well into the future. However, the short-term boost building and renovating, brought on by the urge to get work done before the tax comes in may actually shorten the recession. |
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Canadian Government offers $1350 Tax Rebate for Renovations In an effort to help homeowners while stimulating the economy the Canadian government is offering The Home Renovation Tax Credit (HRTC) with up to a $1350 rebate for home renovation. This includes all home improvements including landscaping, roofing, bathroom and kitchen remodeling and exterior work. The program is designed to help owners while providing direct jobs for remodeling and indirect jobs in the building supply industry. |
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Home Renovation Tax Credit and ecoEnergy Rebates Work Together The Canadian Revenue is providing an income tax credit for all improvements to a home from January 28th to December 31st 2009. This 15% Home Renovation Tax Credit will be added to the existing ecoEnergy rebates allowed for energy-efficient improvements like insulation, heating, air conditioning systems and windows. This means that adding a furnace will give a rebate plus an income tax credit. |
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