Three million Canadian cash in on home reno tax credit, short of target

OTTAWA – Ottawa says over three million Canadians took advantage of the temporary home renovation tax credit, on average pocketing about $700 each.

But that is less than what Finance Minister Jim Flaherty targeted when he introduced the one-year program in 2009 as part of the government’s stimulus package.

The government had estimated in the budget that about 4.6 million Canadians would take advantage and claim on average about $650 in credits each.

In total, the program was to cost the government $3 billion, but appears to have topped out at over $2.1 billion.

Still, National Revenue Minister Keith Ashfield called the program a success, saying it increased spending on home renovations by about 18 per cent.

http://ca.finance.yahoo.com/news/Three-million-Canadian-cash-capress-2250261711.html?x=0