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KITCHENHAUS CABINETS LTD.
KITCHENHAUS SHOWROOM HOURS
 
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Take Advantage of the 'Home Renovation Tax Credit' Get your renovation project done for less! Between January 27, 2009 and February 1, 2010 you can start that renovation project you've been dreaming about. The Home Renovation Tax Credit will help you save money on your home renovation project. Here are some of the details from the Federal Budget announcement. But every Canadian's tax situation is unique and ultimately it is your responsibility to understand how this tax credit affects you. Home Renovation Tax Credit Highlights 1. The credit applies to home renovation expenditures over $1,000 to a cap of $10,000 per family. The credit rate is 15%. Therefore, the maximum credit is $9,000 x 15% = $1,350. 2. The credit isn't affected by the person's income level. However, the person claiming the credit has to have tax payable against which to apply the credit. 3. Expenditures for work done after January 27, 2009 and before Feb 1, 2010 will qualify for the credit. However, if the work is done pursuant to an agreement entered into before January 28/09 it doesn't qualify. Therefore, work you do on projects under agreements already entered into won't qualify. 4. Only work done on eligible dwellings qualifies. Generally, the dwelling must be a principal residence. Many vacation properties qualify as a principal residence but you should understand the fine print to see if these properties are included for your situation. 5. Expenditures for routine repairs or maintenance do not qualify. Also, the cost of appliances and audio visual electronics do not qualify. 6. The budget document says claims for the credit must be supported by receipts. 7. If the renovation expenditures are paid to a non arms length company or person, they don't qualify. 8. The credit is claimed on your 2009 tax return, including the amount claimed for expenses incurred in January 2010.
For more information on the Home Renovation Tax Credit, please visit:
Ready to renovate? Give us a call or visit our showroom:
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