2009 Home Renovation Tax Credit
Effective Jan. 28, 2009 through Jan. 31, 2010, homeowners can claim a tax credit for 15 per cent of renovation expenses between $1,000 and $10,000. The maximum tax credit (on $9,000 in renovations) is worth $1,350. The tax credit would apply to a variety of home improvements, such as renovating a kitchen, bathroom or basement, new carpet or hardwood floors, building an addition, deck, or fence, installing a new furnace, painting the inside or outside of a house, or laying new sod. Expenses such as building permits, professional services, and equipment rentals are also eligible. Routine repairs and maintenance will not qualify for the credit. Nor will the cost of purchasing furniture, appliances, electronics, or construction equipment. Houses, cottages and condominium units owned for personal use are eligible. To learn more visit the CRA information page. |
