Only six months remaining to take advantage of the Home Renovation Tax Credit (in Canada) which provides a 15% income tax credit on eligible home renovation expenses incurred between January 27, 2009 and February 1, 2010. The credit may be claimed on expenditures exceeding $1,000 but not more than $10,000 and will provide up to $1,350 in tax relief.
The idea behind the tax credit is to stimulate the economy and is a great incentive for homeowners to tackle some of the projects they have been putting off. You will enjoy your home more, increase its value and potentially reduce energy costs.
So if you have been thinking about renovating your kitchen or bathroom, installing new carpet or hardwood, landscaping, painting, or using the services of a professional, don't delay any longer - the work has to be completed by February 1, 2010. Remember to ask for receipts from all contractors and professionals. For more details, click here.