The federal budget announced a new Home Renovation Tax Credit. Homeowners can claim a 15 percent tax credit for eligible expenditures of over $1,000, but not more than $10,000, for a maximum credit of $1,350. The credit is available for eligible costs of work performed or goods acquired, after January 27, 2009 and before February 1, 2010.
The credit can be claimed on eligible expenditures incurred on one or more of an individual's eligible dwellings. Properties that are eligible include houses, cottages and condominium units that are owned for personal use.
A new funding program for ecoENERGY retrofits was also announced, that provides home and property owners up to $5,000 for energy improvements such as increasing insulation to upgrading your furnace.
Now may be the time for you to make those updates you've always wanted to make and to receive some assistance from the Federal Government.