Canadian Economic Stimulus - Home Renovation Tax Credit till Feb 1,2010

Some of you may be aware of tax cuts and incentives for homeowners currently proposed by the Federal Government. The Home Renovation Tax Credit for new home buyers and homeowners are available till February 1,2010:

• 15% tax credit will apply to eligible home renovation expenditures for work performed, or goods acquired, before Feb. 1, 2010. The credit may be claimed on the portion of improvements exceeding $1,000, but not more than $10,000, meaning the maximum tax credit for a married couple is $1,350
• Eligible work includes painting, finishing the basement, building a deck or fence, replacing kitchen cabinets, installing laminate flooring, and a host of other materials and contractor labour. Not eligible are such items as the purchase of tools, homeowner labour (without a business tax number), and maintenance contracts such as lawn care, furnace cleaning or snow removal.
• For a list of eligible and ineligible expenditures goto http://www.budget.gc.ca/2009/pamphlet-depliant/pamphlet-depliant3-eng.asp

Taxpayers can claim the HRTC when filing their 2009 tax return.