Rarely does the government offer to actually give you a tax credit on anything, but with 2009 being the year of the ‘Credit Crunch' recession, the Canadian government decided to stimulate our economy with a home renovation tax credit.
Essentially any renovation that changes your home in a permanent way, including the cost of contractor services, is eligible. Furniture, appliances, cleaning, tools and a few other exceptions listed on the government's HRTC web page do not qualify for the credit. Check and see if your renovation qualifies before you proceed.
To be eligible you need to spend at least $1000 and can't claim more than $10,000. Plus don't forget to document your renovations and save receipts in case you are audited. There is nothing worse than getting an audit notice and having to backtrack for proof!
The Home Renovation Tax Credit (HRTC) Expires on February 1st 2010 -- so get started now!
Now for the fun stuff! When you invest in home renovations, you want the most return for your money. Even if you're on a budget, there are so many great ways to add value to your home and help the environment at the same time. Here is our list of the top 10 eco-friendly home renovation plans from the least to the most expensive.