In an effort to kick-start the economy, the federal government introduced the Home Renovations Tax Credit in 2009. You could receive a credit of up to $1,350 simply by improving your home before February 1, 2010.
Some examples of eligible expenditures include:
This limited time credit applies to contracted work and/or purchased goods valued at more than $1,000. If you spend $10,000 or more, you qualify for the maximum credit of $1,350. The cost of routine repairs and maintenance are not considered eligible expenses. Full details about the Home Renovation Tax Credit are available at: www.cra.gc.ca.
Important Insurance Coverage Reminder:
If you are considering home renovations or additions in excess of $5,000, please contact us to avoid a potential gap in your insurance coverage.