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Canadian Home Owners! Have you been deferring that much needed renovation?

You can now get a credit on your home renovations thanks to the Home Renovation Tax Credit proposed in the Harper Government's Economic Action Plan.

The Home Renovation Tax Credit will provide a one time, temporary 15% income tax credit on eligible home renovation expenditures for work performed, or goods acquired between January 27, 2009 and February 1, 2010.  The credit may be claimed on eligible expenditures exceeding $1,000 but no more than $10,000.

Properties eligible for the credit include houses, cottages and condominium units that are owned for personal use. (i.e., not rental properties)

The Home Renovation Tax Credit will be family-based (i.e., one credit per family).

The 15-per-cent credit may be claimed on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, meaning that the maximum tax credit that can be received is $1,350 (9000 * 15%).

Renovation costs for projects such as finishing a basement or re-modelling a kitchen will be eligible for the credit, along with associated expenses such as building permits, professional services, equipment rentals and incidental expenses.

And don't get all excited... routine repairs and maintenance will not qualify for the credit. You can not claim the the cost of purchasing furniture, appliances, audio-visual electronics or construction equipment for your tax credit.

So go for the renovation which might increase the resale price of hour house!

Posted on: Thu, February 19, 2009 by Raj Khurana

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