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Have you used your home renovation tax credit?
January 6, 2010 by VPS Team · 4 Comments
Deadline is approaching! At the end of January 2010, the Federal Home Renovation Tax Credit incentive, part of Canada’s economic action plan, will be coming to an end. If you’re a Canadian homeowner and were thinking of a kitchen remodel or finally landscaping your front or back yard…time to move.
Here’s the low-down on the Home Renovation Tax Credit.
What is it? : It’s 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.
Maximum credit: $1,350.
Valid period: Purchases made before February 1, 2010.
Eligible expenses must be of an enduring nature and integral to your property (no, new TVs or lawn mowers don’t count, sorry).
Be sure to get your contracts in writing, and keep your receipts. Claim the credit on your 2009 income tax return at the time of filing.
Examples of Eligible Expenses:
- Kitchen, bathroom, basement renovations
- New windows, doors, flooring
- Major remodels such as building an addition, garage, deck, shed or fence
- A new furnace, woodstove, fireplace, water softener, 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 (must be permanent, in and above ground)
- Fixtures- blinds, shades, shutters, awnings, lights, fans, etc
- Associated costs such as permits, professional services, equipment rentals, and incidental expenses
Examples of Non-eligible Expenses
- Furniture, appliances, tools, and audio and visual electronics
- Routine repairs, maintenance and cleaning (eg. furnace cleaning, snow removal, lawn care, pool cleaning, house cleaning)
- Financing costs
For more information on the tax credit, call 1-877-959-1CRA or visit www.actionplan.gc.ca.
Hope that you’ve all had a fantastic holiday season and a great New Years! 2010 is going to be an exciting year for Vancouver and we wish you all the best as well!
