Realtors want reno, energy rebates (con't)
Also, it estimates the loss of up to $298 million in GST revenue, $1.6 billion in income tax and $767 million for CPP, workers comp, the employer health tax and employment insurance premiums.There are other problems. There are no health and safety standards for those working in the underground economy. Warranties are also generally non-existent and there is little recourse in the case of shoddy or unsafe work. And the kicker: home owners could be “subject to significant liability” if an accident occurs. To remedy this, the association is calling on all provincial parties to introduce a home renovation tax credit. Similar to the federal renovation credit this would “strongly encourage the use of legitimate contractors, create a paper trail to deter underground economic activity and stimulate the economy.” On another matter, realtors are calling on the next government to bring back rebates for energy retrofits. Electricity rates are expected to rise 46 per cent over the next five years. The province stopped accepting applications for rebates March 31. Under the former Ontario Home Energy Savings Program homeowners could get up to $10,000 in rebates, half from the province and half from the feds. More than 90,000 home owners took part, which also covered energy audits. The realtors would also like to see an increase in the land transfer tax rebate for first time homeowners. Currently first time homebuyers in Ontario pay almost $1,500 on an average resale home after receiving a $2000 rebate. The Ontario Real Estate Association wants it increased from $2000 to $3500, effectively exempting first time buyers. WindsorOntarioNews.com |
