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Why not take advantage of the Renovation Tax Credit watch the CMHC video Neighbourly advice for renovating your home

Our premier Dalton McGinty has of late been openly discussing the possibility of “harmonizing” sales taxes within Ontario.  Harmonizing is combining the GST and PST into a single tax and applying it uniformly across everything that we pay taxes on.  The reason he gives is that it will make it easier for the small bussines owner they won’t have to work with two taxes just the one.

If this happens it will have a very real effect on all of us when it comes to buying and selling our homes.  In a recent study done by the Building industry and Land Development Association indicated that harmonization would add tens of thousands of dollars to the cost of new housing in Ontario.

But harmonization would also have a dramatic negative effect on the resale housing market as well.
For example, harmonization would result in provincial sales tax being applied to legal fees, appraisal fees, real estate commissions, moving expenses, home staging services, landscaping and more services usually associated with real estate transactions. In addition, harmonization would result in the goods and services tax being applied to items such as mortgage insurance premiums and title insurance fees.

We all know, the real estate market has been hit hard by the current recession with unit sales dropping 25-50% in many parts of the province. Now is surely not the time to impose new taxes on the real estate sector when we need economic stimulus to grow the Ontario economy.

We all need to tell Premier McGuinty and Finance Minister Duncan that harmonization is bad for the housing market, bad for the Ontario economy and bad for consumers wishing to buy and sell homes in Ontario.

I am urging everyone to contact their provincial MPP and tell them that you don’t want harmonization Tell them you don’t want to see you homes value put under any more negative pressure by this thinly veiled money grab.

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