Canada's Economic Action Plan's Home Renovation Tax Credit could help you save $1350 on home improvements purchased before February 1st, 2010.
The Home Renovation Tax Credit is a federal non-refundable tax credit based on eligible expenses for improvements to your house, condo or cottage exceeding $1,000, but not more than $10,000.
Be sure to get your contracts in writing, keep your receipts, and claim the credit on your 2009 income tax return.
Eligible expenses must be of an enduing nature and integral to your property.
Examples of eligible expenses
- Renovating a kitchen, bathroom, or basement
- new windows, doors or flooring
- building an addition, garage, deck, shed or fence
- a new furnace, wood stove, fireplace, water softener, or water heater
- a new driveway or resurfacing a driveway, re-shingling a roof, or painting of a house
- landscaping, - new sod, perennial shrubs and flowers, trees,etc.
- swimming pools (permanent - in-ground and above-ground
- fixtures-blinds, shades, shutters, awnings, lights, fans, etc.
- associated costs such as permits, professional services, equipment rentals and inceidental expenses
Examples of non-eligible expenses
- furniture, appliances, tools, and audio and visual electronics
- routine repairs, maintenance and cleaning (e.g. furnace cleaning, snow removal, lawn care, pool cleaning, house cleaning
- financing costs
For more answers please go to www.actionplan.gc.ca