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'The heart of this budget is at home'

OTTAWA

New renovation tax credit tops out at $1,350 ...Read the full article

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  1. mary conception from Across Canada, Canada writes: Do not believe this party as it has a history of telling lies and claiming it does not lie. Out with them and have a coalition for 2-3 years and then we can trust that it will be done.
  2. Robin GTA from Canada writes: When I hear the pundits on Newsworld saying these income tax changes are bad I get angry.

    My retirement income this year will be about 30% less than prior years and these changes to the marginal rates etc will help me as my income is now less than $42K a year.

    People who don't agree with these income tax changes are obviously in a much higher tax bracket and don't need the new extra dollars this creates.
  3. John McMortimer-Boyles from An undisclosed underground location safe from nuclean attack, Canada writes: The downside of this, for me, is I have no major home renovations in the cards this year. Redid the laundry room and fence last year, so I won't be doing more than minor painting this year. Limited credit, as far as I can tell, for a few cans of paint.

    But for those with a major reno project in the pipeline, go for it.
  4. Robin GTA from Canada writes: don't need the new extra dollars

    Should say don't need the FEW extra dollars
  5. John McMortimer-Boyles from An undisclosed underground location safe from nuclean attack, Canada writes: Mary conception, I don't believe any party--Conservative, Liberal, NDP, BQ, Green, coalition, what have you.

    The only thing that counts is what gets passed by Parliament. Once it is in the books, it is law until someone gets another bill through parliament to change it.
  6. John McMortimer-Boyles from An undisclosed underground location safe from nuclean attack, Canada writes: Still a good point Robin GTA.

    While poorer people may not buy many big ticket items like appliances, cars and houses, they still spend monty on food, clothing and shelter. And if they have a few extra dollars to spend, I'm guessing most of them will spend it on something. That will provide some economic stimulus.
  7. Ron Pacific from Victoria, Canada writes: Oh joy! We're in safe hands now that Harper has given us a 15% credit for a $5,000 renovation job. Watch the economy boom now as I rush to the store to claim my 15% for the costs of that new teal coloured toilet I always wanted!
  8. Mariposa Belle from Leacockland, Canada writes: Ron, your teal toilet is likely classed as an appliance and thus ineligible for the credit.

    If it was made from BC cedar, it might have a chance.
  9. Mariposa Belle from Leacockland, Canada writes: John - if you get your minor painting done by accredited painters (even the students) and get it above $1,000, you will probably qualify for a rebate.

    And put money into other Canadians' pockets. I think this is the idea behind this.
  10. Sober Second Thought from Toronto, Canada writes: Great, now my contractor can charge 15% more.
  11. crosswordfiend ... from Canada writes: i can see a tough time ahead for contractors who have grown used to doing cash jobs under the table now the people are going to start demanding receipts to claim this tax credit. rather brilliant way of getting them into the tax system.
  12. Jeremy McGee from Kitchener, Canada writes: "Combine this with similar changes to the second tax brackets and you end up with tax savings this year of $417 for the two-earner family mentioned earlier."

    What a stupid sentence.
  13. Great White North from Canada writes: I don see any stimulus package at all only cosmetics and we will be 60 billion under, well i think they are cooking the books and they have being for a long time so the money they lost somewhere must be justified, what a better way to hide it than this way.

    The real question is where did all the money go.
    The surpluses
    The nest egg that we had
    What they have done with it?
  14. Sue W from Canada writes: Don't renovate if your house is located in Toronto. It will be reassessed and you'll pay more in realty taxes.
    Actually it doesn't matter what you do, or don't do, your realty taxes will still be going up. You are much better off going broke and moving into one of the social housing properties worth $500,000. One with a lake view would be my preference.
  15. Wendy Stone from Canada writes: I am not crazy enough, in this shaky economy, to go out and add to my debt load by spending $10,000 in order to get $1,300 back from the government.

    My house could actually use a renovation, but I am worried because there have been layoffs in my industry. So I am going to delay the renovation and put what money I can into GICs and savings and hope to build enough money to either do that reno without going into more debt ... or at least wait until I feel more secure about the job situation.

    And I think a lot of people are like me.

    If people are worried about the future of their jobs and seeing layoffs in the industries that they work in, as I am, they are not going to rush out and spend $5,000 or $10,000 on home renovations ... especially when that is coupled with seeing a decline in mutual funds and retirement savings.

    So, thanks but no thanks ... this is not my idea of economic stimulus.
  16. urban ranger from Vancouver, Canada writes: "mary conception from Across Canada, Canada writes: Do not believe this party as it has a history of telling lies and claiming it does not lie."

    Oh, please. And the Liberals and NDP are lily white? - I think not.

    The thing is that we can't really trust any of them, but I would submit that the Liberals are least to be trusted.
  17. t devitt from Canada writes: WHAT A JOKE!!! Just another waste of my money!!!! No substance just bling with no details on how it is really being spent. Watch for 120 billion deficit inside of three years and then 50 years of trying to pay it off. That will help the economy out for sure lol.
    Conservative my a$$. It's past due to kick the lot of them out of Ottawa and start fresh!
  18. An Observer from Canada writes: The net benefit for the renovation will vary by province since you may have to pay some provincial tax plus GST or harmonized tax on the reno.
  19. s c from Canada writes: crosswordfiend ... from Canada writes: i can see a tough time ahead for contractors who have grown used to doing cash jobs under the table now the people are going to start demanding receipts to claim this tax credit. rather brilliant way of getting them into the tax system.

    --------------------------------------------------

    I don't see a tough time for contractors. Based on the work that I have had done in the past, there is typically two prices a cash price and a non-cash price. This rebate will not save any money as the "non-cash" price is typically more than 15% higher.
  20. John Lanigan from Canada writes: CAN ANYONE CONFIRM IF WORK HAS TO BE DONE BY A CONTRACTOR? IF WORK IS DONE YOURSELF DOES MATERIAL ETC. QUALIFY YOU? MOST LIKELY JUST A INCREASE IN THE CONTRACTORS POCKET.
  21. Jockey T from Kap, Canada writes: This budget is a cute way for Harper to hide a 15 billion$$$ edeficit that his party accumulated since taking office. Also, for those of you who think you are getting a tax break think again. At 80K$ you may save 250$. As for the other tax credits will these be classified as Non Refundable Tax Credits or deducted from your Taxable Income?? Whatever happened to helping seniors??I don't see a hell of a lot of credits for them. What about single mothers, welfare recipients, those that are at the end of their EI benefits?? So many more questions...
  22. Robert M from Canada writes: The idea that the Harper government can promote "financial literacy" is ironic. Messrs Harper and Flaherty haved repeatedly demonstrated their own lack of depth in economic matters.
  23. stan unknown from winnipeg, Canada writes: Would it not been much simpler just to make building materials GST free and direct the provinces to do the same? Then add GST to oil exports
  24. Douglas MacDONALD from Canada writes: What really annoys me is that the previous Liberal govt had an excellent program in place for homeowners who were retrofitting thier homes and would get a significant tax break and this conservative govt eliminated it just before I completed the work on my home which was approx 30.000 dollars of renos for energy efficiency mainly and now they are going to start an innefiecent program with no real substance total incompetent govt time to get rid of them.
  25. stan unknown from winnipeg, Canada writes: One other thing
    This recession was made from Private enterprise NOT KNOWING
    what to do with their PROFITS when they had them
    Those are non elected Bankers, investors, pension fund managers, and
    oil companies that made green barrels of profits on our natural resources

    Not the CPC, liberals or the mighty Jack out of the box.
  26. Douglas MacDONALD from Canada writes: This govt has blown all of the surplus and we have gotten absolutley nothing for it only conservatives are able to spend so freely and mismanage
  27. James MacDonald from Edmonton, Canada writes: There is nothing in this budget for a single guy making 40 grand a year.
  28. hardy dickins from chilliwack bc, Canada writes: you've got to be kidding me,,this is a budget,,,who is going to go out and spend money they don't have?? most people are struggling to ,ake mortgage payments,,,this is laughable,,,and 150 dollars saving for seniors?? what kind of sick joke is this?? you can't even buy breakfast for that......this country is a pityful joke and so are those that live here ,,,I'm taking my family out of here and we'll take our chances somewhere else,,,its embarassing to be a canadian ,,,truly sickening,,I hate the fact I was born here,,and I hate this country,,its the bung hole of the earth
  29. Anthony B from Maritimes, Canada writes: John Lanigan from Canada writes: "CAN ANYONE CONFIRM IF WORK HAS TO BE DONE BY A CONTRACTOR? IF WORK IS DONE YOURSELF DOES MATERIAL ETC. QUALIFY YOU?"

    I have the same question. The Budget text states: "These measures to support home construction and renovation will help stimulate our construction and building-supplies industries."

    I'm assuming if I purchase building materials and do the work myself that this qualifies, but I'm not going to renovate my deck and fence until I know for sure.
  30. CHP My vote from Whoville, Canada writes: Anthony, 680News said this morning that either way, DIY or professional, you'll be able to claim the tax!

    I just finished buying stuff for a basement room 2 weeks ago... DARN!
  31. Viva la Lance from Alp d'Huez, Canada writes: Hardy - don't let the door hit you on the way out.

    Let me know what other countries are doing. I am sure there are handouts abound out there for whiners like yourself. With such a positive outlook and all. Good luck. Seriously.

    Most people can make mortgage payments, most people have jobs, most people can take advantage of the home reno credit, most people will look at what stimulus is provided and get some support from it.

    For those who can't, government AND community need to help support and provide assistance. Jobs training, enhancements to EI, lower interest rates, etc. will help but things really suck right now. There are two ways to deal with things: fight and claw and be determined or run and hide.

    Again, don't let that door hit ya and good luck.
  32. nata Korn from Canada writes: We can do a little math. If you buy a product for renovation or hire a person to do it, you pay GST and PST which is 13%. In return you get 15%. So what we can get back is 2%. I know a lot of people who lost their job and can not find a new one I will think twice before start the renovation in 2009 to get really 2% back.
  33. Rob Aldred from Vancouver, Canada writes: I see very little in this budget that increases mine or other folks take home pay or income (except perhaps the freezing of EI rates). Plus those budget intiatives aimed at either purchasing a home or renovating an existing one seem to me to assume one's employment or financial situation is rosy rather than tenuous, an assumption I do not find particularly realistic in a worsing or deeping recessionary environment (the same thing I think applies to the TFSA account too). The income tax measures I like but again, they do little to increase anybody's take home pay or income during 2009, do they?
  34. Deepak Dhaliwal from Canada writes: Actually, Canada may indeed be "the bung hole of the earth" as Hardy described it. A nation of ignorant fools that do what they are told, spend their money where they are told, and aspire to sh*itty Horton's coffee and sugar.
  35. m y from Canada writes: there's nothing in this budget. i like to see those with tenuous jobs in this market spend the $$$$ in home renos.

    what...make the construction folks richer than they already are....forget it.

    i would rather have seen the money go direct into your pockets so you could go to Home Depot or Lowes or Rona and do it yourself.
  36. Bill Ians from Toronto, Canada writes: I'm not going to argue about the benefits of the budget, but the costs!?!? Where's the money really going? We can't really be going into a deficit for 5 years just for a few hundred dollars on income tax and a few bucks for home renos?
  37. Ceesco Pike from K-town, Canada writes: Like I've said before, all this hokus pokus tax stuff and stimulus with your future money is so unnecessary. If all taxes were reduced to 10 or 15% of consumption, then we'd all have enough to spend in our pockets to get things going...... Dang but then we'd have to find jobs for all the accountants, lawyers, politicians and civil servants who'd have nothing to do. Life could be so simple!!!

    Less government dear readers, less government.

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