That's Reno Credit Worthy
At the National Home Show, renovators beckoned:
"Ask us about subsidies,
it's time to add on!"
They spread the good news
in all kinds of manners;
They said it on buttons,
on booths and on banners...
You couldn’t escape the excitement in the air;
“That's tax credit-worthy,”
One couple cried out:
"We want carpet with shag hair!”
said Builder 1, Builder 2:
“So are sod, a new furnace,
home additions, too!”
We witnessed this kind of frenzy at the country's largest trade show (in Toronto this spring). General contractors scrambling to drum up consumer business was a vivid example of the Canadian government's gift of theHome Renovation Tax Credit.
The temporary 15 % income tax credit - for people doing home upgrades - could add up to as much as $1,350 in tax relief... right in your pocket!
'Tis a good time to feel good about your home - even if you're not prettying it up to sell. That new kitchen or bathroom is increasing the value of your property, and hey, in these tough economic times, to quote Martha Stewart, "that's a good thing."
Show Me the Money!
The Feds aren't just tossing money around (this isn't a bailout, American-style); there are certain conditions attached to the HRTC:
- You must renovate after Jan. 27, 2009 and no later than Feb. 1, 2010
- You must have at least $1,000 in eligible expenses and no more than $10,000
The subsidy also limits what can be considered an "eligible deductible"
, which includes:
- New carpet or hardwood floor
- Building an addition, deck, fence or retaining wall
- New furnace or water heater
- Interior and exterior painting
- Driveway resurfacing
- New sod
- BUT furniture, power tools, appliances and property management contracts are NOT covered by the tax credit
The federal government are aiming to help boost the sagging renovation/construction industry - and in the process, they're making it easier for you to make your home shine!
Have you put the home reno tax credit to good use yet, or plan to? I'd love to hear your home renovation story; leave your comment here.
Posted by Don Lawby
on April 22, 2009