Do you think you should get a rebate on home renovations? Well realtors in the GTA think you should. The board representing Toronto realtors is calling on provincial politicians to provide a permanent tax rebate to homeowners for renovations.
The move would not only benefit individual homeowners, but the provincial economy, as well.
“This is a good thing because home renovations help to create jobs and generate tax revenue for the government – worthy goals that all provincial politicians should support and encourage,” says Toronto Real Estate Board (TREB) president Richard Silver.
TREB noted Ontario had 3.2 million homeowners spend $20.3 billion on home renovations last year.
"If the provincial government were to institute a renovation rebate, payable to the homeowner, homeowners would be far more likely to insist on a receipt creating a paper trail that would deter underground economic activity,” said Silver.
“Furthermore, renovations lead to increases in property value, which leads to increases in property tax revenues that would mitigate any potential loss of tax revenue from the Renovation Tax Credit. A further bonus is that many upgrades increase the energy efficiency of properties. A true win, win and win.”