Although we are experiencing somewhat difficult times, people will always have to move. With banks having interest rates at all time lows, along with incentives and rebates being offered by our government, why not use it to your advantage.
A great incentive implemented by the government is the Home Renovation Tax Credit, which allows homeowners to do renovations and apply to receive a portion of the cost back. Homeowners can qualify for a maximum credit of 15% of home renovations costing between $1000 and $10,000. This means you can get a credit of up to $1350, which can be applied as long as you have the work completed between January 27, 2009 and February 10, 2010.
Eligible Items
- 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
- Upgrading insulation levels in your home
- Painting the interior or exterior of a house
- Resurfacing a driveway
- Laying new sod
Ineligible Items
- Furniture and appliances (refrigerator, stove, couch)
- Purchase of tools
- Carpet cleaning
- Maintenance contracts (furnace cleaning, snow removal, lawn care, pool cleaning, etc.)
Ever found the perfect home, but walked away because the basement/or kitchen needed updating, but you didnt have the extra $$? Well, now home buyers can also take advantage of the Purchase Plus Improvements program. With this program, mortgage insurers such as Canada Mortgage and Housing Corporation and Genworth Financial will finance the estimated cost improvements into the mortgage when a house is purchased.
To find out more please contact us and we will be glad to walk you through all the details.
