Want to upgrade that old shag carpet to nice new hardwood or renovate the outdated kitchen? Well now you can with the help of the Ontario government.
For home renovation project that are completed before Feb 1 2010 (and entered into after Jan 27, 09), you will be granted a tax credit of up to $1,350 on your 2009 income tax return (based the maximum of $10,000 worth of renovations). The minimum cost of the renovation must be at least $1,000.
Here is what is eligible for the tax credit:
• kitchen, bath, basement reno
• new carpeting or hardwood flooring
• deck, fence, retaining wall or building an addition
• new water heater or furnace
• interior or exterior painting of a house
• laying of new sod
• labour costs
• professional fees
• building materials
• equipment rentals and permits
Here is what is not included:
• furniture and appliances
• carpet cleaning
• maintenance contracts ( furnace cleanings, lawn care etc)
Visit the HRTC Website for more qualification info.