Renovator's council chair favours renewing Reno Tax Credit

The proposed resumption of the Home Renovation Tax Credit was big news lost in the uproar that followed the unveiling of the Conservative Party's 2011 budget, but we are likely to hear a lot more about it.

The old program had been very successful, managing a rare marriage of stimulating an economy while promoting more earth-friendly ideals.

The Canadian Revenue Agency said more than three million Canadians -almost a third of the owner-occupied housing market -took advantage of the program, each saving an average of $700. Added to the 2011 budget ostensibly at the request of the New Democratic Party, the tax credit is a good bet to reappear when a federal budget is finally approved.
The chairman of the Canadian Renovator's Council, Mike Martin, was happy to hear it may be continued. "From what I've been hearing it's a great program. I am very happy they were going to extend it," he said.

In addition to chairing both the Canadian council and the Ontario Renovator's Council, Martin runs Luxury Renovations, an award-winning Ottawa-based company.
While the renovation program had been accused of not helping lower-class households or being too complicated, Martin said the program held no surprises.

"You have to go about it the right way, you have to follow all the guidelines to a tee."
Martin said there was benefit to making small changes as well as large ones.
The program would allow for up to 15 per cent of the cost of renovations to be claimed, to a maximum of $1,350, against a homeowner's taxes.

While the gain for the taxpayer is evident, Martin says the inherent structure of the program will provide a boost to the renovation industry.

"The best part about it is they have to show receipts from the contractor and that deters the underground economy," he said.

The council estimates 75 per cent of home renovations are done under the table, a fact he attributes to the implementation of the HST. "The underground economy is devastating our industry."


From the Ottawa Citizen




Dave Bennett
Owner 360renos
phone 613.429.5000 
mobile 613.282.2124
email dbennett@360renos.ca
www.360renos.ca

Renovation priorities are the first step

Article by Hammer & Nail 

For many homeowners, renovations can make for a long-term process that takes place in stages over a number of years. Decisions are driven by what needs to be done, how much money is available, and personal preferences.

If you will be renovating in stages, the Greater Vancouver Home Builders' Association says it makes sense at the outset establishing long-term priorities. Among the considerations it recommends:

- Decide how long you plan to stay in your home. Five, 10 or 15 years? More? The answer to that question will influence the renovations you undertake, the time frame for the work and the amount of money you will want to spend.

- Evaluate your overall space needs, now and for the future. How will they change over time? Do you have children whose needs for space may change? Do you have aging parents who might move in with you in the future? Can you find extra space within the existing framework of your home, in the attic or the basement?

- Evaluate the condition of your house. Go through it with a renovator or home inspector, listing repairs and replacements that might be required over the coming years.

- Make a list of your renovation objectives. Divide the list between the things you need in the short term (a new bathroom, for instance) and the things you would like to have (perhaps incorporating a spare bedroom into the master bedroom with an ensuite bathroom.)

- Develop a financial overview. Your renovator can advise you on the approximate costs of repairs and renovations. You can also contact suppliers and subcontractors for information. Next, determine where the money will come from, and how much you can afford.

- Be prepared to make trade-offs. Experienced renovators advise homeowners to find the balance between lifestyle improvements and repairs/ replacements needed to keep your home in good shape.

For instance, you may want to redo the bathroom and include a skylight to brighten it. But if your roof is in poor condition, it may be better to repair it and install a skylight first, and renovate the bathroom later.

- Consider the impact of a renovation. If you plan extensive renovations over time, careful planning will help to minimize inconveniences and disruptions to your household.

- Build into one phase what you need in the next. By planning ahead, you will get the best out of your renovation dollars and save money in the long run.

For instance, for a few extra dollars, your renovator might be able to install the connections for a future bathroom in the basement while renovating an existing bathroom on another floor.

- Put your plan in writing.

© Copyright (c) The Province

Dave Bennett
Owner 360renos
phone 613.429.5000 
mobile 613.282.2124
email dbennett@360renos.ca
www.360renos.ca

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