Can’t find your dream home? Maybe you’re already living in it, but it needs some work. Home renovations can be a costly necessity, but if this Canadian politician is elected, financial help could be on its way. Before you use our directory to call a general contractor, you may want to consider waiting for the next election!
What’s being promised
Liberal leader Justin Trudeau has been on the campaign trail. One topic that’s been hot among party leaders: tax incentives for home renovations. In a public forum, Trudeau stated under his government, he would offer $125 million per year in tax incentives toward landlords and developers in order to “build and renovate rental units, and would make investment in affordable housing and residences for seniors a priority.”
“We know that affordable and safe housing is part of the solution to many social issues…,” the statement continues.
Above and beyond the tax credit is the potential expansion of RRSPs so Canadians can use them for home purchases in the event that they’re moving or require an ill family member to move in.
If you’re in pursuit of a new home, the tax credit could be beneficial to you since landlords will have access to funding to ensure properties are well-renovated and ready to be moved in. Moving into your own home in the near future? Being able to use your RRSPs to help could be a big financial step since RRSPs are currently used to finance the purchase of their first home.
According to a report from the CBC, Trudeau said, “The reality is that too many Canadians cannot afford to buy a house.”
If the Liberal party is elected on October 19, there could be change to the home renovation industry.
What other officials are saying
This isn’t the first time a politician has presented a policy to offer homeowners some relief when it comes to home renovations. Conservative leader Stephen Harper announced in August that should his party be elected, he would revive a home renovation tax credit from years ago to give homeowners the opportunity to cash in on up to $5,000 for home renovations.
Similarly to Trudeau’s camp, the party has promised to raise the amount of money that can be borrowed from RRSPs.
No matter who you’re voting for, it seems there could be advantages to the home renovation industry, thus giving you an advantage if you’re in the market for a new home or willing to renovate your current space. Once the election is over, think about your future, then consult our directory of general contractors to find a home renovator that will make your home renovation dreams come true.