Economists criticized it, and the homebuilding industry loved it. The latest budget from Ottawa will give a tax credit worth up to $1350 to an anticipated 4.6M homeowners doing reno work. Unlike a tax break, you get the money back regardless of your personal tax situation. You have to spend at least a grand, but you’ll get money back on no more than $10K worth of work. And not all home improvement work qualifies:
Contractor Mike Holmes
Eligible
- Renovating a kitchen, bathroom, or basement
- New carpet or hardwood floors
- Building an addition, deck, fence or retaining wall
- A new furnace or water heater
- Painting the interior or exterior of a house
- Resurfacing a driveway
- Laying new sod
Ineligible
- Furniture and appliances (refrigerator, stove, couch)
- Purchase of tools
- Carpet cleaning
- Maintenance contracts (furnace cleaning, snow removal, lawn care, pool cleaning, etc.)
Source: www.budget.gc.ca
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Do it Right: Ottawa’s Home Improvement Tax Break
Economists criticized it, and the homebuilding industry loved it. The latest budget from Ottawa will give a tax credit worth up to $1350 to an anticipated 4.6M homeowners doing reno work. Unlike a tax break, you get the money back regardless of your personal tax situation. You have to spend at least a grand, but you’ll get money back on no more than $10K worth of work. And not all home improvement work qualifies:
Contractor Mike Holmes
Renovating a kitchen, bathroom, or basement
New carpet or hardwood floors
Building an addition, deck, fence or retaining wall
A new furnace or water heater
Painting the interior or exterior of a house
Resurfacing a driveway
Laying new sod
Ineligible
Furniture and appliances (refrigerator, stove, couch)
Purchase of tools
Carpet cleaning
Maintenance contracts (furnace cleaning, snow removal, lawn care, pool cleaning, etc.)
Source: www.budget.gc.ca
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