The Home Reno Tax Credit Explained
Thursday, February 19, 2009 at 1:11PM In the 2009 Canadian Budget, the federal government laid the groundwork to declare this year the 'Year of Home Renos'. Want your home to have curb appeal? Now's the time to do it. Here's a breakdown of what the plan entails.
WHAT IS IT?
A Tax Credit that lets taxpayers claim 15% of their fixups until Feb. 1, 2010.
WHAT IS IT WORTH?
You can claim up to $1,350 in home renovations done in 2009.
WHAT IS COVERED?
The list of eligible expenses for the tax credit includes:
* renovating kitchens, bathrooms or basements
* new carpeting or flooring
* building additions, decks, or retaining walls
* installing furnaces or water heaters
* interior and exterior painting
* driveway resurfacing
WHAT IS NOT COVERED?
Routine maintenance does not qualify. Such things as new furniture, appliances, tools, carpet cleaning and snow removal are excluded.
WHAT ELSE DO I NEED TO KNOW?
The plan is effective immediately.
The plan covers costs over $1,000 but not exceeding $10,000.
For more information on how you can use our mouldings as part of your home renovation, please contact Davide Aternino, 416 602-4193.