At a construction site near Sullivan Heights, Liberal Candidate, Puneet Sandhar, Surrey-Panorama and Jas Johal, Richmond-Queensborough, announced that by expanding Home Renovation Tax Credit program, people will be encouraged to build new secondary suites in their homes.
“This new tax credit will make it easier to build secondary suites, opening up new places for renters, and bringing families new income to help with their mortgage payments,” said Sandhar. “This is the type of innovative thinking that helps both owners and renters.”
Currently, the Home Renovation Tax Credit assists eligible individuals aged 65 and over, and persons with disabilities, with the cost of home renovations to improve accessibility.
When asked about the 65 plus age requirement, the candidates said that it was available to anyone, not just seniors, as it was intended to assist families to offer housing solutions to elderly parents as well.
The commitment to expand the tax credit was made in the Liberal’s 2017 platform, to help home owners better afford to own or rent a home:
- Largest ever single-year investment of $920 million to create close to 5,300 new units of affordable rental housing;
- Raising the threshold of the First-Time Home Buyers’ Program exemption, saving first-time home buyers up to $8,000;
- Investing $700 million in the BC HOME Partnership program to help with mortgage down payment assistance loans to over 42,000 first-time home buyers over the next three years.
Jas Johal commented that opposition leader John Horgan had, “changing his plans for housing at least three times since he launched their platform.”