Is it time for Home Renovations?

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:

  • Renovating a kitchen, bathroom or basement
  • New carpet or hardwood floors
  • Building an addition, garage, deck, garden/storage shed or fence
  • Re-shingling a roof
  • A new furnace, woodstove, boiler, fireplace, water softener or water heater
  • A new driveway or resurfacing a driveway
  • Painting of interior or exterior of a house
  • Window coverings directly attached to the window frame and whose removal would alter the nature of the dwelling
  • Laying new sod
  • Swimming Pools (Permanent – in ground and above ground)
  • Fixtures – lights, fans, etc.
  • Associated costs such as permits, professional services, equipmentrentals and incidental expenses

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.

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