Still Time to Renovate with the Home Renovation Tax Credit

It's not too late to renovate and get a credit on your 2009 taxes. Home owners have until February 1, 2010 to make eligible expenses for improvements to their house, condo or cottage. Full details of the program can be found on the Canada Revenue Agency website (www.cra.gc.ca) under "Highlights" on the home page. I also found details in the Canada Revenue Agency General Income Tax and Benefit Guide for 2009 which I picked up at the post office today. Homeowners need to spend at least $1000 to qualify (the maximum amount upon which the credit is calculated is $10,000). At the maximum, the non-refundable tax credit works out to $1350: ($10,000 - $1,000) x 15%. Some of the interesting updates which qualify include a new hot water tank, home security system, landscaping and blinds or shutters. New kitchens, bathrooms, re-shingling a roof, painting the interior or exterior along with building a shed or fence also would qualify....anything that stays with the property counts! 

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Michele Joller

Michele Joller

Sales Representative
CENTURY 21 Prudential Estates (RMD) Ltd.
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