Conservatives Party’s Renovation Credit Could Help Reduce Energy Use

Photo via Andrew Scheer's Facebook page

Continuing this week with a focus on housing, Andrew Scheer re-emphasized the Conservative party’s promise to give Canadians a tax credit aimed at making their homes more environmentally friendly

READ: A Conservative Government Would Allow 30-Year Mortgages, Scheer Says

Anyone who spends between $1,000 and $20,000 on energy-saving home renovations can claim the 20 per cent refundable tax credit. The eligible renovations would include:

  • Installing high quality insulation
  • High-efficiency furnaces
  • Replacing doors and windows
  • Installing solar panels
  • Upgrading ventilation
  • Heating and cooling systems

These are all aimed at reducing energy use.

READ: Housing Affordability Is A Major Election Issue For Canadians

Earlier this week, the Conservative party leader vowed that if elected on Oct. 21 he would review what’s come to be known as the “stress test.” Rolled out last year by the Office of the Superintendent of Financial Institutions (OSFI), the stress test is basically a financial threshold that any Canadian who wants to procure a mortgage must meet.

He also promised to allow people to take out 30-year mortgages, up from the current 25-year limit.

The home renovation tax measure, so the Conservatives claim, would allow Canadians to save up to $3,800 on renovations every year. So far this has not been fact checked.

READ: Justin Trudeau Promises To Expand First Time Home Buyer Incentive

The two-year program was initially put forward by the Conservatives in June. The party estimates it would cost $900 million annually. The reno credit is part of their umbrella plan for the environment. They also plan to jettison the federal carbon-pricing regime.

According the Conservative party, buildings, in 2017, accounted for 85 million tonnes, or 12 per cent, of Canada’s greenhouse gas emissions.

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