Home Renovation Tax Credit 2009- Grande Prairie

(March 1, 2009, by Ken Connors)

With the slumping Canadian Economy, the Federal Government has implemented a Stimulus Package that would include a temporary home renovation tax credit. In the year 2009 plus a small portion of 2010, a homeowner can recieve a tax credit for improvements made to their house, cottage or condominium. This allows for a 15 per cent credit that would generate a maximum tax saving of up to $1,350..

Some of the qualifying criteria:

A) Home renovations must be between $1,000 and $10,000. B) Expenditure must take place between January 2009 and February 2010. C) Must be for renovations or alterations such as new flooring, new furnace, new water heater, painting the inside or outside of a house, new deck or fence or an addition, new sod, resurfacing a driveway. Regular repairs, new furniture, appliances, electronics or tools do not qualify. D) Family members living at the residence will share the expenditure limit. The claim can be made when filing the 2009 tax return.