Canada Tax Credits
Given the economic state of the world, the Canadian Government has developed an action plan that stretches throughout a number of programs and departments. But the largest part of this plan involves creating tax credits for Canadian citizens.
The tax credits have begun with the home renovation tax credit. The Canadian Government has set aside $3 billion dollars of stimulus to encourage and support Canadians investments in the value of their homes. The home renovation tax credit is available for home renovations or goods acquired after January 27, 2009 and before February 1, 2010. The tax credit will give Canadians a collective incentive to undergo projects centric to their homes.
The tax credit stands at 15% of expenditures exceeding $1,000.00 but no more than $10,000.00. Examples of qualifying projects for the tax credit are:
- 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
More information is available on the tax credit from the Department of Finance at:
Department of Finance Canada
Distribution Centre
Room P-135, West Tower
300 Laurier Avenue West
Ottawa, Ontario K1A 0G5
Phone: 613-995-2855
Fax: 613-996-0518