If you live in Canada time is ticking for your take advantage of your home renocation tax credit. If you did any renovations to your hosue between Feb. 27 of this year and before Feb. 1, 2010 of next year you can apply for a credit on your tax return. The stipulation is that your renovations must be over a thousand dollars in total and you can't go over ten thousand dollars. At the max you could be eligible for $1,350 back on your taxes just for doing home renovations.
We didn't know that this was coming and did our bathroom just before the deadline so it kind of sucks for us but we are expecting to do some flooring, some doors and trim on another room. While we aren't sure if we are going to do porcelain tile or something a little cheaper if it comes over one thousand dollars we are going to be eligible. The other bonus is that you can add multiple renovations together. We also have to frame and insulate the basement so we are thinking we will have enought to qualify.
If you are doing some renos and live in Canada it's something to think about.
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