2018417(火)

Remember that the Home Renovation Tax Credit can be used

The cost of purchasing furniture, appliances, electronics, or construction equipment do not apply. This home renovation tax credit works as follows: Homeowners can get a 15 tax credit of up to $1,350 for renovations that exceed $1,000 up to a maximum of $10,000 worth of work or materials. Just remember that the lowest quote may not be the best. However, contractors must be registered for the GST so you cannot hire friends or family members.

The tax credit will 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.

These measures to support home construction and renovation will help stimulate our construction and building supplies industries, Federal Finance Minister Jim Flaherty said in his speech. Ask to see the contractors certificate of insurance. If the contractor does not have insurance, you may be held liable if case of an accident.

The Home Renovation Tax Credit was created to encourage Canadians to spend now to help create jobs in industries typically hurt by an economic downturn. Get more than one quote and get them in writing. The quotes should outline exactly what will be done and how long it will take. A standard insurance would cover worker compensation and third party liability for everyone on the job as well as damage they may cause. Ask for references. The Canadian government estimates that over 4 million families will take advantage and benefit from this tax credit. This renovation credit will apply to work done on houses, cottages and condominiums owned for personal use, and projects can range from finishing a basement to remodeling a kitchen, to painting, to laying new sod. The same is true for eligible expenditures that are claimed under the Medical Expense Tax Credit.

Under this $3 billion program, you may choose to hire a contractor or to do the work yourself. For example, if you plan on making your home more energy efficient, you may qualify for grants of up to $5,000 under the ecoENERGY Retrofit Program.

Here are some tips if you plan on hiring a contractor to do the renovations for you. Routine repairs and maintenance will also not be eligible for the credit. This contractor may be cutting corners.

Happy 2009 renovations!
.The Canadian government revealed on January 27th, 2009 a temporary Home Renovation Tax Credit. The renovations must take place and be completed between January 27, 2009 and January 31, 2010 to be eligible for this credit. Expenses such as building permits, professional services, and equipment rentals are also eligible.

Remember that the Home Renovation Tax Credit can be used in conjunction with other government renovation programs. In addition to this $5,000 grant, you will still be able to claim these renovations under the Home Renovation Tax Credit. Please make sure that your contractor deer fence外部リンク is licensed and ask them to show you their license. A good contractor will be happy to provide you with a list of references as well as pictures showing the type of work they have done in the past.






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