By Sham Pathania
(SAVE MAX FIRST CHOICE REAL ESTATE INC.)
OREA and the Ontario Home Builder’s Association have teamed up to advocate in support of a permanent home renovation tax rebatefor provincial home owners. If created, a permanent home renovation rebate would give home owners an incentive to use a professional contractor who pays taxes and maintains liability insurance. Similar to the federal home renovation tax credit from 2009, the rebate would generate economic activity and move more transactions out of the underground economy allowing the provincial government to collect the missed tax revenue. OREA has included the proposal to create a permanent home renovation tax rebate in its “Home Ownership Matters” campaign. As a result, the renovation rebate has received coverage in a number of daily newspapers around Ontario.