Industry Groups Look To Kick-start Economy

The Canadian and Ontario Home Builders’ Associations (CHBA and OHBA) and the Building Industry and Land Development Association (BILD) have submitted a plan to the Ontario Jobs and Recovery Committee to help kick-start the Canadian economy, post COVID-19. The group recommends that the federal and provincial governments look at introducing home renovation tax credits to help stimulate the economy in the Greater Toronto, ON, Area. The CHBA, in 2018, reported the home renovation and repair industry employed 152,993 people in the GTA. The industry in the region pays $9.4 billion in wages and maintains and improves the largest single wealth-builder for many Canadian families with an investment value of $16.9 billion. A renovation tax credit is a proven stimulus activity that is near cost-neutral, they say. As well, a tax credit will deter cash deals and generate tax revenues by bringing the underground economy above board. Their recommended tax credits include home energy retrofits and an aging-in-place tax credit to help seniors make their homes safe and more accessible so they can enjoy independent living in their own homes.