Effective January 28, 2009 through January 31, 2010, homeowners can claim a tax credit for 15 per cent of renovation expenses between $1,000 and $10,000?
OTTAWA–Installing a new furnace this year? Building a deck?
The proposed federal budget offers a temporary new tax credit for your home renovations – provided you do them soon.
Effective today through Jan. 31, 2010, homeowners can claim a tax credit for 15 per cent of renovation expenses between $1,000 and $10,000. The maximum tax credit (on $9,000 in renovations) is worth $1,350.
The government estimated the total value of the tax credit at about $3 billion, and expects about 4.6 million families to benefit.
The tax credit would apply to a variety of home improvements, such as renovating a kitchen, bathroom or basement, new carpet or hardwood floors, building an addition, deck, or fence, installing a new furnace, painting the inside or outside of a house, or laying new sod.
Expenses such as building permits, professional services, and equipment rentals are also eligible. Routine repairs and maintenance will not qualify for the credit. Nor will the cost of purchasing furniture, appliances, electronics, or construction equipment.
Houses, cottages and condominium units owned for personal use are eligible.
The Toronto Star
With the Interest rates at all time lows, along with this tax credit, there really has never been a better time to Home Renovations.