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Just a reminder that if you are planning on doing some home renovations this year, this weekend is an excellent time to go buy the items you're going to need! This is the last weekend to purchase home renovation items that you are going to claim as part of your home renovation tax credit the government gave as an incentive this past year. Sunday January 31st is the final day to make these purchases!
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 Finances website by clicking here.