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Last Month for the Home Renovation Tax Credit!!

Updated Tuesday, January 5, 2010  ::  Views (1123)

Just a reminder for those who are still thinking of doing a few renovations around the house, you have until January 31st to make your purchases or have your contractor do your renovations in order to get the tax credit from the government!  If you're planning on doing something, now is the time to do it!

A Brief Summary of the Tax Credit: You can claim 15% on the portion of eligible expenditures exceeding $1,000, but not more than $10,000.  You may get a credit of up to $1,350.  The credit can be claimed for expenses on eligible items on on one or more of an individual’s dwellings that are used for personal use.  These dwellings are houses, cottages and condominium units.

Items that Qualify: Household projects such as finishing a basement or remodelling a kitchen are eligible for the credit, along with expenses associated with the project such as building permits, professional services, and equipment rentals.

Items that Do Not Qualify: There are some things that do not apply to the credit.  Items such as routine repairs and maintenance, and purchasing furniture, appliances, audio-visual electronics or construction equipment do not qualify.

For more information visit the Department of Finance's website by clicking here.

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