insight

April 2010 Renovation Newsletter

April 2010 Renovation Newsletter - Read this home renovation insight now.

In this issue of reVISION's Renovation Newsletter:

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reVISION Wins 2009 Georgie Award

reVISION Custom Home Renovations is pleased to announce that its Sizzlin' Skyline project won the Best Kitchen Renovation (under $100,000) at the 2009 Georgie Awards, held March 13th, 2010."The Georgie Awards® recognize the best and most innovative projects in our province," indicated CHBA BC President, Bob Deeks. "Tonight we honoured not only the best in residential construction and renovation, but also those projects which support public-private partnerships and environmentally sustainable construction."More about this project.[divider_top]

The New HST & How it Affects your Renovation Costs

HST (Harmonized Sales Tax) may become a reality on July 1st, 2010. If a homeowner wishes to eliminate the HST either through doing the work themselves or hiring a contractor that will work for cash they will save between 3% to 4%.Let's look at the risks of hiring a "cash contractor":

Subcontractors who do not have WCB and get hurt on site may sue the Contractor (Homeowner) for losses.
Getting caught by CRA.
Permits are usually avoided by Cash Contractors; electrical or plumbing work may not meet code and cause damage, which the home insurance company may not cover since work was done without a permit or licensed trade.
If there is a dispute you hindered your ability to seek help from the courts as you are defrauding the government by paying in cash.
There will most likely be no warranty provided.

Each homeowner will have to decide whether saving 3% to 4% is worth the above risks.[divider_top]