February 23, 2009
New Home Renovation Tax Credit for 2009
Did You Know any Canadian who spends money on home renovations will be eligible to receive up to $1,350 in tax relief thanks to the new Home Renovation Tax Credit? The Home Renovation Tax Credit will provide a one-year, temporary 15% income tax credit on eligible home renovation from January 29, 2009 to February 1, 2010. The credit may be claimed on eligible expenditures exceeding $1,000 but no more than $10,000. Home owners will be able to claim expenditures for renovations and related costs including permits, professional services, materials and equipment rentals. Excluded items include furniture, appliances, property maintenance and building tools.
