New Democrats propose home reno tax credit extension

NEWS RELEASE

TONY MARTIN, MP

**************************** Home renovation tax credit must be maintained: New Democrats

OTTAWA - Two days before the home renovation tax credit expires, New Democrats urged the Conservative government to maintain and enhance the popular measure.

“The home renovation tax credit has proven to be a helpful economic stimulus measure,” said Deputy Leader and Finance Critic Thomas Mulcair (Outremont). “We are not out of the crisis yet. This tax credit should be extended so that those who could not afford to undertake renovations this past year can also benefit from it. It is a good way to encourage taxpayers to contribute to the economic recovery.”

Sault MP Tony Martin said the home renovation tax credit “needs at least another year to really help grow the economy as homeowners improve on their investment and help the building and construction industry too.”

The proposal from the NDP would extend the period for which the tax credit could be claimed as well as address the program’s shortcomings.

Mulcair pointed out that the program could be more effective if it encouraged renovations that enhance energy efficiency.

“This is a practical way to combine economic stimulus and environmental protection,” said Mulcair. “I hope the government and the other parties will support our proposal.”

Mr. Mulcair is recommending:

- Extend the home renovation tax credit program

- Encourage renovations that enhance energy efficiency

- Establish guidelines to ensure that the renovations are done by people with the necessary permits, licenses and other credentials to eliminate using the “underground economy.”

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