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Renovation Tax Credit a hit with consumers

General Angela Calla 19 Oct

Post Date: Monday, June 29, 2009

OTTAWA–A new poll suggests more than one in three Canadians plan to take advantage of the federal government’s home-renovation tax credit.
More than eight in 10 questioned in the Harris-Decima/Canadian Press survey said they were aware of the program, under which eligible applicants can receive a tax rebate of as much as $1,350 if they invest up to $10,000 in renovations on their home.
“Unlike many new tax policies, which only get noticed by accountants and actuaries, the government of Canada has successfully communicated the introduction of the home-renovation tax credit to Canadians,” said Harris-Decima’s senior vice-president, Jeff Walker.
“This program appears to be helping stimulate the economy as well.”
Nationally, 82 per cent of respondents were aware of the home-renovation tax credit, while 17 per cent said they were unaware. Those under age 35 and those with annual incomes below $60,000 were least likely to know of the tax credit.
Overall, 35 per cent of respondents said they planned on taking advantage of the program, while 60 per cent said they would not.
The ratio of those who planned to take advantage of the program increased with income.
More than half of those earning more than $100,000 a year (51 per cent) responded positively, compared with 41 per cent of those making between $60,000 and $100,000 and just 27 per cent of those earning less than $60,000.
Respondents west of Ontario were the most likely to be taking advantage of it.
Some 1,000 Canadians were surveyed June 18-21, with a margin of error of plus or minus 3.1 percentage points, 19 times in 20.