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Home Renovation Tax Credit

Get the Government to pay for your renos!

 

It is almost Spring time and everyone is itching to get a kick start on their home renovations, but given the current economic situation some of us are hesitant to open up our wallets to dish out those big chunks of change! But wait, hare is your big break... the Government has made a smart move in recognizing that the design and home renovation industry is also suffering from though economic times and in turn has decided to assist the life cycle of the industry! 

The Government is now offering a 15% rebate on all home renovations between January 27, 2009 and February 1st, 2010. While the Government foots the bill for a portion of the renovations, homeowners are certainly more inclined to begin renovations right away and industry professionals are now finding themselves busier than ever since the dawn of the recession. Specialty trades are now being called upon for renovation advice and estimates. This includes mill-workers, window and door specialists, landscapers and even general contractors.

Always keep in mind that renovations are not just about aesthetics, although it is certainly imperative to many of us to work hard at maintaining our home is value through beautifying renovations, it is also important to remember that many renovations help you save money in the long run, and help our environment stay cleaner! As we progress with advanced technologies, there are a wide variety of products and devices that will help keep our homes safer and greener. Some of these products include: low-water consumption toilets, good windows, proper insulation, energy efficient furnaces, and timer-operated temperature controls.
As with all rebate programs there are certain stipulations to abide bye and it is certainly most important to review and confirm that your particular renovation project will be subsidized! Don it jump into the renovation project assuming that you will be covered for all expenses. Furniture and Accessories are not items that are covered under the rebate program. Some good examples of what the government will cover is window replacements, any type of bathroom or kitchen renovations (items such as appliance will not be covered) as well as basement renovations! If you are a "Do It Yourselfer" you can still claim for products, materials and even equipments rentals such as tools, a forklift or whatever else you may require.
Do not forget that building permits are required and mandatory with any type of renovation to your home! Not having a permit for your renovations can result in hefty fines and a prolonged construction period as your project will be put on a hiatus until such time that your permits have been approved! Many of us try to avoid this permit process due to high costs and time restrains but now with the rebate program you may feel a little more reassured that even for this small inconvenience you will still be getting your 15% back, yes that is right all permit process fees will also be rebated!  Spring is almost here, start planning out your new deck, get your building permits and do not forget apply for the Home Renovation Tax Credit!
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