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Home Renovation Tax Credit

July 31, 2009 Condominium, REAL ESTATE, Toronto No Comments

 

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Its time to get that tool belt out! The Canadian Government is offering a great incentive for you handy home owners. Save up to $1350 on home improvements purchased before February 1st,2010.

This is a non refudnable tax credit based on eligable work done and materials purchased after Janauary 27th 2009 to February 1st,2010 this can be claimed towards your 2009 Tax Return.

 

When filing your tax return you do not have to submit all supporting documents however keep all contracts and receipts so the information is available if Revenue Canada Agency requests it.

Now there are some restrictions some improvements are not recognized and will not be able to claim such as: House cleaning, routine furnace repair,pool cleaning etc.

 What is recignized is:

-Renovation to kitchen,bath, or basement

-Building an addition to your home such as a deck, or shed

-New windows, doors, or flooring

-New roof

-New paved drive way

- And all associated costs for permits,professional services, equipment rental fees etc.

 

So take advantage of the great weather this summer, and get some improvments done aorund the house.

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