Taking Advantage of the Home Renovation Tax Credit

Just a reminder that (unless the Federal Government decides to extend the date) the renovation deadline for the Home Renovation Tax Credit is February 1, 2010. The credit will only be available for the 2009 tax year and applies to eligible expenditures of more than $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%).

Eligible expenditures include:

• Renovating a kitchen, bathroom or basement
• New carpet or hardwood floors
• Building an addition, garage, deck, garden/storage shed, fence
• Re-shingling a roof
• A new furnace, woodstove, boiler, fireplace, water softener or water heater
• A new driveway or resurfacing a driveway
• Painting of interior or exterior of a house
•Window coverings directly attached to the window frame and whose removal would alter the nature of the dwelling
• Laying new sod
• Swimming Pools (Permanent – in ground and above ground)
• Fixtures – lights, fans, etc.
• Associated costs such as permits, professional services, equipment rentals and incidental expenses.

For more information, visit www.budget.gc.ca/2009/pamphlet-depliant/pamphlet-depliant3-eng.asp