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As proposed in the Harper Government’s Economic Action Plan, the PM introduced the new Home Renovation Tax Credit effective January 28, 2009. The objective of the one-year temporary tax credit is to breathe some life into a weary economy by encouraging Canadians to invest in their homes.
“Every time Canadians invest in home renovations, they are helping to create construction and building-supplies jobs in their own communities,” said Harper. “By providing an incentive for Canadians to invest in their homes, we are also encouraging them to invest in local jobs.”
In order to be eligible for the 15% tax credit, the renovation must cost more than $1000 to a maximum of $10,000. You can receive up to $1,350 in relief only once per household. The job must provide some improvement to your house or cottage, such as: kitchen or basement renovations, painting, installing new carpets or floors, or replacing your heating or air conditioning system. Purchasing big screen TVs and cleaning your carpets do NOT qualify.
The government is projected to spend approximately $3 billion on the project and about 4.6 million homes are qualified. Jobs that are done through a contractor are also eligible, which will stimulate this industry as well.
Households who opt to make energy efficient improvements will receive benefits from the new tax credit as well as the ecoENERGY retrofit program. All keen Canadians should educate themselves on all possible government incentives before beginning a job this year.
For more information on the Home Renovation Tax Credit, click on http://www.budget.gc.ca/2009/pdf/pamphlet-depliant3-eng.pdf
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