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Tories vow to introduce home-reno tax credit

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Fix the plumbing, reno the kitchen and get a tax credit.

That’s the upshot of a Tory promise made Friday — a home renovation tax credit worth up to $540.

The provincial party nicked the idea from Prime Minister Stephen Harper, who offered a temporary home renovation rebate to spark the economy.

The tax credit would be permanent and would allow homeowners to claim 10.8 per cent of eligible expenses for work or goods used to fix up their house. Renos must be worth at least $1,500 but the credit maxes out at $6,500. That gives the homeowner up to $5,000 of eligible expenses.

The rebate will be deducted from the total amount a taxpayer owes the province so it would likely result in a refund cheque at tax time.

Tory Leader Hugh McFadyen made the pledge in a backyard in River Heights, a riding the party is hoping to steal from Liberal Leader Jon Gerrard.

McFadyen said the credit is a good way to encourage people to add value to their homes and boost the economy.

Asked whether it’s needed at a time when tradesmen are turning down work, McFadyen said there’s some evidence the trades are slowing, so it makes sense to spur more renovations.

History

Updated on Friday, September 2, 2011 at 5:07 PM CDT: Corrects mistake in first version to clarify the credit is worth $540 and not $650.

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