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Contractors cautiously optimistic for credit

Home renovation companies like the home renovation credit introduced in the federal budget Tuesday, but don’t want to get their hopes up.

Home renovation companies like the home renovation credit introduced in the federal budget Tuesday, but don’t want to get their hopes up.

John McCoy with Ultimate Renovations says he thinks there will only be a five per cent increase in business.

“I believe that it’s an excellent incentive to put the renovation idea into people’s minds as a sensible place to spend their money right now,” McCoy said.

“However, it would have been nice to see a larger number.”

People renovating their homes can claim a 15 per cent credit against spending of between $1,000 and $10,000, with a maximum credit of $1,350.

It applies to work done on houses, cottages and condominiums after Jan. 27 and before Feb. 1, 2010. Routine maintenances do not count.

Some are already taking advantage of the credit.

“I had one customer who phoned me who wanted to change the date of his renovations to the 27th so he would receive the credit,” said Randy Acheson, manager of A-A Renovation Doctor.

“His original date was the 26th; so we didn’t care, we changed it for him.”

 
 
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