NEW HOMEBUYER
Surprised tax credit for renos not renewed in budget
March 5, 2010
Noor Javed
STAFF REPORTER
Name: Dustin Ducharme, 29.
Work Status: A civil engineer with consulting company Halsall.
Home Life: Engaged to Andrea Schneider, 29. The couple bought their first house in Toronto near Woodbine Ave. and Danforth Ave. in September.
Income: Combined income of around $100,000.
Budget Hopes: Ducharme and his fiancée bought their home hoping they would get a chance to use some of the home renovation tax credit that was so popular with homeowners last year. But since the couple moved into their home in the fall, there wasn't enough time to use up the $10,000 limit.
Ducharme hoped the government had something (if not exactly) like that tax credit this time around, too.
"So, I'd really like to see something to help first-time home buyers," he said.
The couple had also greatly benefitted from having a tax-free savings account, which Ottawa announced in early 2009.
But now with all their savings drained and as the couple starts to rebuild their RRSPs, Ducharme hoped the federal government would create more incentives to help people save. And, as heavy transit users, he hoped for money to improve current service and for extensions that have already been planned.
Budget Reality: Even though he had a feeling the tax renovation credit would be cut, it still surprised Ducharme to see that the government let it go.
"I thought because it was a minority government, they would try to buy some love from new homeowners and younger people," he said. "I guess it was just more successful than they had thought it would be."
There was also no specific allocation of money toward improving infrastructure in Toronto, although the government put aside $7.7 billion in new stimulus money to modernize infrastructure and support home ownership.
Toronto Star