2009, the year to renovate
Announced yesterday as part of the budget was a home renovation tax credit (HRTC), a 15% tax credit on eligible home renovation expenses. Expenses have to be greater than $1,000 but not exceed $10,000 so the maximum tax credit one could receive is $1,350. Qualifying expenses include those used to renovate a kitchen, bathroom, basement, install new carpet or flooring, replace/upgrade windows, paint, new furnace or hot water heater, etc.
Regular home maintenance expenses cannot be claimed under this program.
Could 2009 be the year to do that job around the house you have had on the list for a while now?
