Government Relations

OREA Presents to Finance Committee in Support of Healthy Homes Reno Tax Credit

5 Comments 05 April 2012

On April 5, Pat Verge, OREA’s Government Relations Committee Chair, made a presentation to the Ontario Standing Committee on Finance and Economic Affairs in support of Bill 2, Healthy Homes Renovations Tax Credit Act, 2012. Click on the play button to view the presentation.

If passed, the Bill will create a new permanent, refundable personal income tax credit for seniors who modify their homes to make them more functional and accessible. The credit would be worth up to $1,500 each year, calculated as 15 per cent of up to $10,000 in eligible home renovation expenses. For more details on the Bill, see the Ontario government website.

OREA is supportive of the Bill because it helps Ontario home owners. Specifically, the tax credit will improve the quality of homes, increase their resale value and enhance the homeowner’s life style. Moreover, the tax credit incentive will encourage homeowners to use professional contractors and therefore curb underground renovation activities. Finally, the tax credit is expected to create 10, 500 new jobs each year which is important to a healthy housing market in Ontario.

“OREA encourages the creation of a healthy homes renovation tax credit because it will help seniors to remain home owners,” said Ms. Verge in her presentation. “In doing so, this tax credit is helping to support stronger people, stronger communities and a stronger Ontario.”

During its 2011 provincial election “Home Ownership Matters” campaign, OREA advocated for the creation of a home renovation tax rebate available to all homeowners. Even though the Healthy Home Renovations Tax Credit Act, 2012 is narrower in scope, it is still a prudent first step towards a larger rebate program.

 
 

 

 

 

 

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5 Comments so far

  1. Khalid Javaid says:

    It is an excellent initiative and will definitely bring positive change in housing industry.

  2. Mary Brown says:

    This bill will surely change the life of the senior people of Ontario. This is a remarkable proposal which will help seniors a great deal.


Trackbacks/Pingbacks

  1. Bill to assist seniors with home renovations passed into law | Bob Pedler Real Estate Limited - October 26, 2012

    [...] spoke in its support in front of the Standing Committee on Finance and Economic Affairs. Follow the link to see full [...]

  2. Bill to assist Ontario Seniors with home renovations passed into law - Ottawa Seniors News - Ottawa Seniors Article Section - October 31, 2012

    [...] spoke in its support in front of the Standing Committee on Finance and Economic Affairs. Follow the link to see full [...]

  3. Bill to assist seniors with home renovations passed into law | Georgina Real Estate Blog - February 1, 2013

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This post was written by who has written 84 posts on Ontario Real Estate Association Blog.

As OREA’s Government Relations Associate, Yuliya Khraplyva stays abreast of all legislation, public policy and regulations that affect REALTORS®. She researches the background of specific issues, monitors the policy development process and political party positions to assess their impact on organized real estate. Yuliya keeps OREA members informed on important issues by updating government relations publications, drafting articles for Queen’s Park Plus newsletter and managing Government Relations Social Media sites. In her previous roles, Yuliya served as a Policy Analyst at the Canadian Society of Immigration Consultants and interned with two Members of Provincial Parliament at Queen’s Park. Yuliya holds a Bachelor’s degree in Social Sciences and French from York University.