Homeowners who are contemplating renovations have six months left to take advantage of the Home Renovation Tax Credit and save hundreds of dollars on their income taxes, Prime Minister Stephen Harper reminded Canadians today.
“There has never been a better time to renovate your home,” said the Prime Minister. “This new tax credit will help homeowners who renovate this year save on their taxes. In addition, these renovations will often lead to reduced energy costs or increases in the value of your home. Best of all, every time Canadians invest in renovations, they are also helping create construction and building-supplies jobs in their local communities.”
The Prime Minister visited an Ottawa-area hardware store that is participating in a nationwide campaign to inform Canadians about how to apply for the Home Renovation Tax Credit. Thousands of stores across Canada have already signed up to promote this innovative new tax credit to Canadian consumers.
A key component in Canada’s Economic Action Plan, the Home Renovation Tax Credit provides a 15% income tax credit on eligible home renovation expenditures for work performed or goods acquired 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.
For more information on the Home Renovation Tax Credit please visit: http://www.actionplan.gc.ca/eng/media.asp?id=1531.