The tax credit, which is available for
homes and cottages effective immediately, is designed to boost
construction, forestry and other industries. Canadian Taxpayers can claim
renovations on their 2009 tax returns on costs over $1,000, but not
exceeding $10,000 - for a maximum credit of $1,350 ($9000 x 15%).
The list of eligible expenses for the tax credit includes:
- renovating kitchens, bathrooms or basements
- new carpeting or hardwood flooring
- building an addition, deck, or retaining wall
- installing furnaces or water heaters
- interior and exterior painting
- driveway resurfacing
- laying new sod
- Labour costs
- Professional fees
- Building materials
- Fixtures
- Equipment rentals and
- Permits
Routine maintenance does not qualify. Such things as new furniture,
appliances, tools purchase, maintenance contracts (furnace cleaning,
snow removal, lawn care, pool cleaning, etc.)
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