MONTREAL — Homeowners who missed the boat on government home tax credit programs hope the lagging economy will convince politicians to renew the incentive, which expires Sunday.
Like thousands of Canadians facing uncertain financial situations, Cahit Tugyildiz hasn’t felt confident enough to take advantage of the tax savings program.
But the 30-year-old Montreal businessman believes that could change this year if his fortunes improve and the government extends the tax savings program.
“Next year I’m hoping I’ll make more money and then I can spend,” he said while loading some timber he purchased from a home renovation centre.
“If I get a tax credit I’ll spend on the house, why not.”
The program allows homeowners to save up to $1,350 on qualified renovations of between $1,000 and $10,000.
But the federal government has given mixed signals about the program’s future. Federal Finance Minister Jim Flaherty recently said it would end as planned.
Meanwhile, people like Tugyildiz and the home renovation industry continue to hope that the government will come to the conclusion that a renewal of the popular program is still needed to stimulate Canada’s flagging economy.