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Ottawa pins recovery on home reno boom

From Wednesday's Globe and Mail

Plan offers tax credit for 15 per cent of the cost of qualifying home renovations in the $1,000-to-$10,000 range ...Read the full article

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  1. thompson john from Calgary, Canada writes: So if I do the math right I need to spend $9000 on home renos to get a $1350 tax credit. This tax credit will save me about $350 on my taxes which has the net effect of reducing my reno cost to $8650. Does anyone other than the government and a few economists honestly believe this will convince me to spend $8650 on renovations when my net worth has declined well into six figures in the last 5 months; if they really want me to spend some money they should look at undoing some of the the damage they did to income trusts. I do need to spend about $3000 this year on house repairs but won't even bother with the tax credit; its really not worth the paper work.

    Same old story- too little, too late.
  2. Marc Twane from Canada writes: These types of tax credits are virtually useless. The Cons are asking Canadian home owners who are hoarding what cash they have left to spend thousands of dollars on home reno projects with the anticipation of seeking out a mere 15% tax credit?? I don't think so....This is "old thinking" and quite frankly, useless.

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