Home renovation tax credit spurs record spending in Alberta

We found the following article in the Calgary Herald about the Home Renovation tax credit and we think it is a good read. " CALGARY - Despite the recession in 2009, Albertans spent a record amount on home renovations in the past year.

No doubt, the spending spree was spurred by the Canadian government's Home Renovation Tax Credit, and with the midnight April 30 deadline to file personal income taxes looming, Canada Revenue Agency expects about 4.6 million Canadians, of nearly 18 million filers, to take advantage of that new credit.

"The credit was clearly effective in encouraging Canadians to spend money during the recession, but it was a onetime deal and probably means overall spending on renovations in 2010 will be lower as a result," said Dan Sumner, an economist with ATB Financial

"The obvious reason for the surge in renovations (in 2009) was the Canadian government's Home Renovation Tax Credit, which allowed Canadians to receive a tax credit as high as $1,350 if they spent $10,000 or more on renovations.... read more"

Article source; The Calgary Herald.