Renovation tax credit deadline Jan 31

Home reno tax credit deadline coming soon.

A reminder to all homeowners doing renovations or improvements to their homes, that the Home Renovation Tax Credit(HRTC) deadline is coming up very shortly.

The Home Renovation Tax Credit is a non-refundable credit for work performed on or goods purchased for the renovation of owned personal dwellings. A homeowner must spend at least $1,000, up to a maximum of $10,000, on an enduring renovation, integral to the dwelling.

Expenses must be incurred between January 27, 2009 and the end of January, 2010. Only supplies purchased and contracted work completed between these dates are eligible for the tax credit. Expenses incurred after the deadline cannot be claimed. If you hired a contractor and the work is not yet completed, you may only claim the portion of the work that is completed. The remainder is not eligible.

If you live in a strata development that has completed a large project during the past year, your portion, if it is $1,000 or more, can be claimed. Did you paint the outside of your house or build a fence in the last 12 months? Did you complete a landscaping project? Perhaps you purchased a new furnace. You can claim your costs above $1,000. So, gather together your receipts and you may be surprised at how much you save. We can always use some found money!

Related links:

• HomePerformance : Get Canada + BC grants for home renovations
http://www.homeperformance.com/bc-rebate-grants-bc-government-home-energy-renovation-rebates

• House Smart : Federal Government proposes New Home Renovation Tax Credit up to $1350.00 towards a variety of Home Renovation Projects
http://www.housesmarthomeimprovements.com/federal_government_retrofit_expansion_2009.html