Canadian Homeowners Granted Temporary Home Tax Credit
At last some good news for Canadian Homeowners who wish to make renovations to their properties in 2009. The Federal Government released in its January 09 Budget details of a new “Home Renovation Tax Credit”. This credit will apply to home renovation expenditures for work performed, or goods acquired, after January 27,2009 and before February 1,2010. The tax credit will help provide insentive for Canadians to go ahead and make new renovations on their personal dwellings while also including cottages and condominium units that are owned for personal use.
The credit amount eligible is 15 – per – cent on expenditures exceeding $1000, but not more than $10,000, meaning the maximum tax credit that can be received is $1,350. Renovation projects such as finishing a basement, installing hardwood flooring, putting on or renovating a outdoor deck, or re-modeling a kitchen will be eligible for the credit. Also included will be associated expenses such as building permits, professional services, equipment rentals and incidental expenses.
Items that are not eligible under this program are repairs and maintenance, nor will the cost of purchasing furniture, appliances, audio-visual electronics or construction equipment.
Taxpayers can claim the tax credit when filing their 2009 tax return.
I think that this is a good incentive but I wish it were a bit higher!
Hi Kim, I understand your frustration. It seems with all the hand out money from the government that big business seems to get the bulk of the money. I’m sure you don’t take a lear jet to work.