Perfect Time for Home Renovations, says MP Allen

July 29, 2009

TOBIQUE-MACTAQUAC – Homeowners can get the most out of their renovations if they complete them by February 1, 2010.

The Government of Canada’s Home Renovation Tax Credit allows homeowners to claim expenses for work performed or goods purchased for a variety of projects around their homes or cottages.

“This tax credit is a one time deal that we introduced in Canada’s Economic Action Plan at the end of January,” Tobique-Mactaquac MP Mike Allen explains. “The purpose is to stimulate the economy through the purchase of goods and services from local retailers and tradespeople.”

Besides being good for the renovation industry, the Home Renovation Tax Credit is a great incentive for people to remodel or improve aspects of their property before the end of February. This tax credit applies to eligible expenses of between $1,000 and $10,000, resulting in a maximum non-refundable tax credit of $1,350. Individuals can claim the tax credit on their 2009 income tax returns.

Home Renovation Tax Credit envelopes will be available by the beginning of September for homeowners to file their receipts and related documents. They will be available at national retail establishments where home renovation products are sold, including Home Depot, Home Hardware and Canadian Tire, to name a few.

Home and cottage owners can take advantage of the Home Renovation Tax Credit by renovating a kitchen, bathroom or basement; installing new windows and doors; or laying carpet or hardwood floors. Such things as a new furnace, woodstove or water heater are also eligible, along with septic systems and wells. Painting the interior or exterior of your home or building an addition, deck or fence qualifies as well. If you need a new roof or want to pave your driveway or put in a permanent swimming pool, claim those expenses too.

“Don’t forget about landscaping expenses,” says MP Allen. “Everything from new sod and perennial shrubs and flowers to trees, permanent ponds and retaining walls qualify.”

Examples of ineligible expenses include furniture, appliances, electronics, tools and routine maintenance like carpet and house cleaning, snow removal and lawn care.

For more information on how you can put your tax dollars back into your home, visit the Website: http://www.actionplan.gc.ca/eng/media.asp?id=1531.