08/04/2015 09:30 EDT | Updated 08/04/2016 05:59 EDT

Canada election 2015: Stephen Harper pledges home renovation tax credit

Conservative Leader Stephen Harper promised this morning to bring back a home renovation tax credit and make it permanently available to Canadians, arguing it would inject $4.3 billion into the economy. 

The $1,000 to $5,000 credit would be worth an average of $700 after it's applied to a homeowner's taxes, according to a news release. 

Harper made the announcement in Toronto, alongside Eglinton-Lawrence candidate Joe Oliver, on day 3 of the federal election campaign.

The program would provide a 15 per cent tax credit for renovations or permanent alterations to a dwelling or the land on which it sits, according to background information provided by the Conservatives. The credit would be renewable each year, but wouldn't necessarily come into effect right away because the Conservatives are making it contingent on the government's finances.

The Conservatives estimate the credit would cost the government $1.5 billion a year. 

The Conservatives say three million Canadians took advantage of the credit when it was first introduced in 2009 as a temporary measure.

It was Harper's second economic policy announcement in two days. In Laval, Que., on Monday, he pledged to increase and extend a tax credit for businesses that hire apprentices.

The Conservatives prefer to focus on the economy, and what they say is the NDP and Liberals' inability to manage the Canadian economy.

The NDP and Liberals point to the current downturn to argue the Conservatives have done a bad job of managing it.