The following programs apply to every homeowner, not just new or first time homeowners.
**NEW***
1. Home Renovation Tax Credit will provide a temporary 15% income tax credit for eligible home renovation expenditures for work performed, or goods acquired, after 27 Jan 2009 taxation year to 1 February 2010. The credit must be claimed for the 2009 taxation year on the portion of eligible expenditures exceeding $1000, but not more than $10,000. This will provide up to $1350. in tax relief. See www.cra-arc.gc.ca and click on “Home Buyers Plan” to see all the eligible renovations
2.. Grants for Eco friendly upgrades. This program provided home and property owners with grants up to $5,000. to offset the cost of making energy efficient improvements. Grants apply to a variety of measures that reduce energy consumption. Anything from increasing insulation, replacing windows to installing a new furnace. Most service providers have all the details of this grant and can assist you in what is eligible and what is not. Items have a specific credit amount not a percentage of the total cost. i.e. a new window may have a credit of $50.00, regardless if the replacement window cost $150. or $350 dollars.
If you need more information on any of these programs just give me a call.
Jill Fyffe
Sutton Group All Pro
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