Sustainable housing and real estate in Kitchener-Waterloo Region


New tax credit available for renovations!
February 22, 2009, 7:16 am
Filed under: Rebecca Sargent, Uncategorized | Tags: , ,

Some great news for those who are interested in renovating this year! You might qualify for a temporary incentive announced in the new Federal budget. This incentive provides Canadian homeowners or home inhabitants to receive up to $1,350 on eligible expenses over $1,000 up to a maximum of $10,000 in the form of the tax credit. The tax credit is available to any household (1 credit per household only) for work done, or goods bought after January 27, 2009 and prior to February 1, 2010.

(Up to $10,000 – $1,000) X 15%= $tax credit. This means that for $2,000 worth of renovations, you can qualify to receive up to $150 back. So keep your renovation receipts for tax time!

Eligible expenses include: renovating a kitchen, bathroom or basement, building an addition, deck, fence or retaining wall, interior and exterior painting, new sod, driveway, flooring, furnace, air conditioning and water heater. Purchases of appliances, furniture, electronics or tools do not qualify; neither does routine maintenance such as carpet cleaning, furnace tune-up, snow removal, lawn care and pool cleaning.

For more details please check out http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhmrnvtn-eng.html

Advertisements