Don't Forget The Federal Tax Credit…
What is it the tax credit?
· 15% credit against any of your renovation expenses after the first $1000
· Maximum tax credit is $1,350 which would be a $9000 renovation project
When?
· Renovations need to be done between January 28, 2009 and February 1, 2010.
Who is Eligible?
· Family based: One tax credit is available per household – if two families share the same home, co-own (not renters), then both are eligible for separate tax credits.
What type of Dwellings Qualify?
· Any dwelling that you own and use personally, this includes cottages.
· Rentals do NOT qualify unless you're renovating your personal house that contains a rental unit. It has to benefit the housing unit as a whole.
What type of Renovations Qualify?
Some examples:
· Kitchen, bathroom, basement.
· Additions, decks, fence.
· New flooring
· New furnace, fireplace, water heater
· Painting
· And many more…
***The renovation must be of an enduring nature and integral to the dwelling***
How to Claim the Credit?
· A new line will be added to the 2009 income tax return in order to claim the credit.
· No documentation is required up front, however keep all documentation in case it is required at a later date.
More Questions? Please call Merle 416-888-5576.
Merle Donawa, one of Brampton's most experienced realtors, has been helping buyers and sellers in the Brampton Market for over 20 years. You can feel comfortable in knowing that your home needs will be taken care of from start to finish. To list your home with Merle Donawa, Broker, Re/Max Realty Services Inc, 391 Main Street North, Brampton Ontario L6X 1N7, please call 416-888-5576.