On calmer reflection it will probably happen one way or the other...either the bill will find the 13 opposition votes (or non votes) it needs to pass, or it will pass on the next go around. But Im still pissed off that this is even a question after all the publicity surrounding it, presenting it as a done deal.

Well, you know how when you negotiate for something you put in an item you are prepared to lose, or somesort of insurance policy....

Given that Harper is a very cunning dealer of politics then perhaps they put forward the Home Reno credit knowing that a no confidence vote/election was very likely, that the home reno credit would become central and that the others seemed like the bad guys.

I can't imagine it not happening after the advertising coin spent by the Govt plus all the DIY retaillers. I'll be fecked off if it doesn't though as we'll spend the full amount this year on fencing/carpets/landscaping etc.

EDIT: How interesting. '****' gets the asterix treatment, but 'Fecked' doesn't.

Both major parties have said they're committed to the home reno tax credit - some Liberal guy (not engaged enough to remember his name) was on the telly last night trying to defuse the whole thing by saying if there is an election before the bill is passed the Libs would reintroduce it in time for CRA to act before tax returns are due. CRA themselves are keeping schtum - but even if there's an election in November it would still give 4 or 5 months to pass legislation before tax filing season.

Unsurprisingly, there's more hot air and spin than sense coming out of pretty much all politicians, now as much as any other time.

Of course this tax credit is only any good for those in higher tax brackets, the less you earn the less the benefit. Many low income earners would get no benefit. Its a lot of smoke and mirrors. SOme I have spoken to thought the Govt. were going to just send them a cheque for $1350

Bob Rae wasnt it?...NOt suprised you didnt remember him.. Maybe you are just not used to thinking of him as a Liberal...he was the NDP premier of Ontario once upon a time!

Im not sure that's true, its basically a tax back scheme for the GST. Low income earners are less likely to have the funds to spend in the first place though, I'll grant you that much.

Of course, until there is some ACTUAL LEGISLATION IN PLACE, its all speculation innit

i double checked the signs and handouts in home hardware yesterday advertising this after feeling a bit stupid for not knowing about it or seeing the small print. there was no mention of this not going to happen, or not already being in place on any of the stuff i saw. i hope others get to learn of this soon who were as ignorant as me.

It was Ralph Goodale... I'm not that disengaged I wouldn't have remembered Bob Rae (I hope )

Quite. There is no way the Liberals would not bring this is in if they won the election. However, Harper needs a good issue to run on and he would love it if his government was defeated on a bill that introduced the credit.

Budgets are announced in Spring and enacted in the Fall. This is the usual process to allow parliamentary scrutiny of the legislation. Not everything that is announced in the budget survives the process, but my gast would be well and truly flabbered if this one didn't make it.

Incidentally, as proposed it is a non-refundable tax credit of 15% for spending between $1,000 and $10,000. Someone who spends $1,500 will get $75 [(1500-1000) x .15] and someone who spends $11,000 will get $1,350 [(10000-1000) x .15]. As it is non-refundable you have to have more tax than this to get it back, but otherwise the amount is not dependent on income.

So what happens for some with self employed income who end up making a loss for the tax year?

You get nothing. You can only offset a non-refundable credit against tax you have paid or would otherwise owe.

Don't think thats true - I thought the tax saving was only at 15%, not off the top slice of income.

EDIT: Guess I should have read the whole thread: JonboyE beat me too it....

So that was my point, the less you make the less benefit it is, or no benefit at all to some.