The great sucking sound of Ottawa’s housing focus
Filed Under Main Content · Tagged: Canada Mortgage And Housing, Canada Mortgage And Housing Corp, Canadians, Disposable Income, Focus, Globe And Mail, Globe Mail, Hand Me Downs, Mortgage Payment, Mortgages Canada, Ottawa Housing, Renovation, Renovations, Retail Sales Data, Sucking, Tax Credits
The Globe and Mail- The stories are all too common. There’s the couple down the street who haven’t dined out in years and the kids wearing hand-me-downs, all to make the mortgage payment and cover the interest on the line of credit that paid for their home’s renovation.
The tales are not apocryphal. The shifting spending patterns are clearly evident in retail sales data.
Canadians are funneling more disposable income to homes at the expense of most anything that isn’t housing related. The government is aiding and abetting this with policies designed to support housing, such as tax credits for renovations and mortgages backed by the Canada Mortgage and Housing Corp…
The great sucking sound of Ottawa’s housing focus – The Globe and Mail
Reno tax-credit deadline looms
Filed Under Main Content · Tagged: Boon, Cabinet Knobs, Co Owner, Emslie, Federal Tax, Home Renovation, Improvements, Reno, Renovations, Specialty Hardware, Tax Credit, Times Colonist, Victoria
Times Colonist- Homeowners have only a few weeks left to pay for improvements to qualify for the federal home-renovation tax credit, which expires Feb. 1.
One customer popped into Victoria Specialty Hardware on Oak Bay Avenue to pre-pay for $300 worth of cabinet knobs to put toward his tax credit, store co-owner Sue Emslie said.
"We’ve seen a lot of renovation — of people coming in and updating their rooms that they perhaps wouldn’t have done. But because they can use it toward the tax credit, they are now going ahead and making the renovations."
The 15 per cent tax credit has been a boon for the industry, Emslie said, adding "it probably helped us in our sales over the year…”
Reno tax-credit deadline looms
Top 10 tax tips for the April 30 deadline and beyond
Filed Under Main Content · Tagged: April 30, Home Renovation, Ottawa Citizen, Renovating Your Home, Renovations, Tax Credit
Ottawa Citizen, Ottawa, Ont – Consider renovating your home. For renovations before Feb. 1, 2010, you will be able to claim a 15% non-refundable temporary tax credit, known as the Home Renovation Tax Credit. The credit applies to any expenditure above $1,000, up to $10,000. The value of this new federal credit is equal to a maximum of $1,350…
