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Home Builders Welcome Senior Renovation Tax Credit and Transit Investment in Federal Budget

OTTAWA — April 21, 2015 - The Canadian Home Builders' Association (CHBA) welcomed the introduction of the Home Accessibility Tax Credit and the Public Transit Fund as measures that it expects will help support affordability and choice in housing for Canadians.
"CHBA and our professional renovator members applaud the government's recognition that seniors and persons with disabilities face special challenges related to making improvements to improve safety, access and functionality of a dwelling to meet their needs.  We are very pleased to see this targeted home renovation tax credit that will not only help seniors make necessary changes to their homes, but by requiring receipts will help protect them from poor - sometimes dangerous - workmanship, and outright fraud by cash operators," said Kevin Lee, CHBA's Chief Executive Officer. "This new and permanent Home Accessibility Tax Credit, in addition to helping seniors and persons with disabilities, will be an effective method for combatting the underground 'cash' economy."
"To qualify for a tax credit requires a receipt.  A receipt keeps both the contract value and the revenues in the legitimate economy," said Jane Morgan, CHBA President and a developer from St. John's, NL. "This measure protects legitimate businesses and will also contribute to adapting and sustaining Canada's housing stock as an asset for the future."
CHBA and its members were also very pleased to see continued federal leadership in financing the cost of core infrastructure.
"Strong communities require high-quality and efficient infrastructure, including transit," said Mr. Lee. "Today's announcement of a Public Transit Fund should help relieve the need for municipal development-charge taxes on new homes to fund transit projects that benefit the entire community."
 CHBA views proper infrastructure investment as essential to economic prosperity, and that it should be supported by all three levels of government. The residential construction industry contributes $5 billion annually to infrastructure construction across Canada.
Announced reductions to the tax burden on families and small- and medium-sized enterprises will also help improve opportunities for Canadians to own their own home.
"We all want families to have appropriate housing choices, at a price they can manage," said Ms. Morgan. "Owning a home remains the central aspiration of young people as they achieve financial independence; and a home still serves as the core financial asset of most Canadian families today."

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