Thinking about renovating?

Have those home reno tax credits got you thinking? The eco-audits are another bonus; you can get up to $10,000 back in rebates for the large items. In addition to those credits, how about the historically low interest rates you can get for a home equity line or refinance to pay for them? It’s a win-win situation for all of us!

However, before you start, make sure you have the right contractor for the job! The industry is full of fly-by-night “contractors”, those that want the money up front for the work before they’re finished, offer you a “deal” if you pay in cash (avoiding GST is one excuse they use) or who seem to want to talk you into goods or services you don’t need. Here are some tips to finding the “right” contractor:

• Make sure you get quotes from at least three contractors; make sure they have permanent addresses in your area
• The lowest bid is not always the best; you need to compare materials, quantity, brand, size and colour
• Make sure the contractor has insurance (personal liability and WSIB coverage for anyone working for them), licensing and only sub-contracts to qualified people if subs are required
• Ask for references and be sure you check them out
• Contact the Better Business Bureau and ask what their rating is
• If there are sub-trades being used, who will be responsible for the overall job?
• Make sure all warranties are in writing
• Do not allow yourself to be pressured into signing a contract; take your time, review the document and familiarize yourself with Ontario’s cooling off period
• Never pay the full amount of a job up-front; a deposit is normally all that is needed to start work with a reputable contractor
• Don’t pay for the job in cash; use cheques or money orders (credit cards where applicable)

If you’d like more information about the Home Renovation Tax Credit, go to www.cra-arc.gc.ca or give them a call at 1-800-622-6232.

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