FYI Canadians: Home Renovation tax credit

snake_lady · Mar 24, 2009

http://www.cra-arc.gc.ca/gncy/bdgt/2...rnvtn-eng.html

Short version: if you have renovations done to your home, you could be eligable for a tax credit of 15% of the cost of the renovations.

(for reno's occuring between Jan. 2009 and Feb. 2010)

It is something we are exploring for completing our rec room (carpetting counts towards the tax credit).

So if you were putting off renovations, now may be a good time to consider them

natalie_ca · Mar 24, 2009

Yeah, that's a good deal! I saw that when I was doing my own income tax and looking for changes that applied to me so that I could avoid paying $600 by claiming relevant deductions.

yosemite · Mar 24, 2009

Originally Posted by Snake_Lady

http://www.cra-arc.gc.ca/gncy/bdgt/2...rnvtn-eng.html

Short version: if you have renovations done to your home, you could be eligable for a tax credit of 15% of the cost of the renovations.

(for reno's occuring between Jan. 2009 and Feb. 2010)

It is something we are exploring for completing our rec room (carpetting counts towards the tax credit).

So if you were putting off renovations, now may be a good time to consider them

One of my friends was telling me about this Friday. We need to put on a new roof, replace our windows and dig around our foundation to re-seal it. Looks like we might just do it all this year if we can afford it. The last quote we had for windows alone was $10,000, the roof will be another $8,000. Hopefully hubby can do most of the foundation digging himself to save some money.

snake_lady · Mar 24, 2009

Originally Posted by Yosemite

One of my friends was telling me about this Friday. We need to put on a new roof, replace our windows and dig around our foundation to re-seal it. Looks like we might just do it all this year if we can afford it. The last quote we had for windows alone was $10,000, the roof will be another $8,000. Hopefully hubby can do most of the foundation digging himself to save some money.

Ouch. I take it yours is an older home?

Hmmmmmm, I wonder if you'd qualify for the Grants for ecoEnergy retrofit...since the windows and roofing will both increase the energy efficiency. Definately research it because you have to get an assessment prior to having the work done. And you can get both, the HRTC and the energy grants.

The HRTC has a max. which you'll exceed

The credit will only be available for the 2009 tax year and applies to eligible expenditures of more than $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%).

Couple links bout the energy grants:

http://oee.nrcan.gc.ca/residential/p...?attr=4#grants

http://oee.nrcan.gc.ca/residential/p...ers.cfm?attr=4

yosemite · Mar 24, 2009

Originally Posted by Snake_Lady

Ouch. I take it yours is an older home?

Hmmmmmm, I wonder if you'd qualify for the Grants for ecoEnergy retrofit...since the windows and roofing will both increase the energy efficiency. Definately research it because you have to get an assessment prior to having the work done. And you can get both, the HRTC and the energy grants.

The HRTC has a max. which you'll exceed

Couple links bout the energy grants:

http://oee.nrcan.gc.ca/residential/p...?attr=4#grants

http://oee.nrcan.gc.ca/residential/p...ers.cfm?attr=4

Thanks for the links. Yes, our home is about 40 years old - good bones but needs some work. Mind you hubby says it needs the foundation re-done but he tends to think everything should be absolutely perfect and that no basement should have any dampness or be cool if it is properly done and insulated so I'm not sure if it really needs to be done or not.

If he ever built a house for us it would take at least 30 years because every wall would have to be a perfect 90 degrees. When he replaced all our door frames, he re-did the one into the living room 4 times because it wasn't a perfect 90 degrees in the top corners.

russian blue · Mar 24, 2009

Originally Posted by Yosemite

One of my friends was telling me about this Friday. We need to put on a new roof, replace our windows and dig around our foundation to re-seal it. Looks like we might just do it all this year if we can afford it. The last quote we had for windows alone was $10,000, the roof will be another $8,000. Hopefully hubby can do most of the foundation digging himself to save some money.

You sound like us Linda, but 5 years ago.

Yes, get an energy audit first. It seems the government might pass a bill in the near future that will require you to get an energy audit before you are allowed to sell your home to a perspective buyer.

You might get some money back from the windows, or if you have to replace an older furnace or even increase the insulation in the home. It really depends on how much your home is rated at the beginning of the audit to how much it rates at the final testing (after retrofits).

We just had the final audit test, so we're still waiting for our final test results. Not sure how much of a rebate we'll get back, though, since our home had a higher rating (for age of house) at the beginning of the audit.

Plus, if you do any of the renovations for the tax credit, you can double-dip so to speak if you purchase your supplies at Home Depot or Rona. They are both offering credits back for purchase of supplies (minimum purchase price in effect).

yosemite · Mar 24, 2009

Originally Posted by Russian Blue

You sound like us Linda, but 5 years ago.

Yes, get an energy audit first. It seems the government might pass a bill in the near future that will require you to get an energy audit before you are allowed to sell your home to a perspective buyer.

You might get some money back from the windows, or if you have to replace an older furnace or even increase the insulation in the home. It really depends on how much your home is rated at the beginning of the audit to how much it rates at the final testing (after retrofits).

We just had the final audit test, so we're still waiting for our final test results. Not sure how much of a rebate we'll get back, though, since our home had a higher rating (for age of house) at the beginning of the audit.

Plus, if you do any of the renovations for the tax credit, you can double-dip so to speak if you purchase your supplies at Home Depot or Rona. They are both offering credits back for purchase of supplies (minimum purchase price in effect).

We had an energy audit done last year and they said we were in pretty good shape. They suggested blowing a bit more insulation in the attic. He also said that the windows were not that bad but they are the old aluminum windows and I'd like the newer ones that I can just crank open. He also said not to spend $10,000 on windows like the quote we had done suggested. He said not to get sucked in by guys telling us that the more expensive windows were better and that some heat was lost through all windows. He said that most of them would do the same job and not to pay through the nose.

We do most of our shopping at Home Depot so that would be good. Rona is the Canadian company isn't it? I'd really rather go to them than support the US company in these hard economic times.

I'd really like to do a new deck as well.

FYI Canadians: Home Renovation tax credit

snake_lady

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