Just saw on CP24 that a survey done on the Home Reno tax credit in January's budget shows 1 in 3 have or plan to take advantage of this program, which was designed to help stimulate the Canadian economy. A few weeks ago, the CEO's of both Rona and Home Depot publicly stated that the home reno chains had seen "tens of millions" in revenue as a result of the tax credit. Both companies now promote the plan in their weekly flyer's to help further increase sales.
I myself have taken advantage of the credit, doing some home improvements that I wasn't planning on doing for a few years. The plan is also green friendly, with many taking advantage to install new windows, more energy efficient things such as a/c or furnaces. Private contractors are booming. Plumbers, electricians, carpenters, drywallers, have all seen an increase in business. Those installing decks, fences, sidewalks and patios are also reaping the benefits of this smart initiative.
For all the talk about the lack of stimulus getting out the door, this is noteworthy in that it has stimulated the economy, the government puts out no money for the program until tax time next year, and at the same time receives increased tax revenues from income taxes as well as gst on sales. It also helps get people off of EI and social assistance when finding a job in the reno industry, putting all levels of government in a win-win situation, now getting revenues in instead of going out.
If I were Professor Ignatieff, I would give this stimulus program an A+.
12 comments:
No, if you were Professor Ignatieff, you would say that a) this program is not big enough and b) this program is too big.
Wonderful - more profits for "American" companies - a job well done - give the US the money honey.
Uh, Rona is a CANADIAN retailer. The houses being renovated are owned by Canadian's. Most of that wood used is by the Canadian forestry industry. Those tradesmen/women doing the work are Canadian taxpayers. The gst on said goods is paid to the federal government. Those enery savings made by the improvements help reduce Canadian emissions power consumption.
Any more idiotic comments, or is that it for today?
New nickname for Iggy....Anonymous!
Erwin said;
No, if you were Professor Ignatieff, you would say that a) this program is not big enough and b) this program is too big.
LMAO. Very good one A+
Paul you forgot the people that work at Home Depot are Canadians and the PST and troll food has the side effect of making intellegent thinking go bye bye. ;)
Got a letter from the insurance company, if no new roof on by 2010 insurance cancelled. So reno tax here we come. I wish this credit could be transferred to other family members if not needed by taxpayer. Like the age exemption and tuition fees and other things are transferred.
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