New Canadian Home Renovation Tax Credit
The Canadian government revealed on January 27th, 2009 a temporary Home Renovation Tax Credit. This renovation credit will apply to work done on houses, cottages and condominiums owned for personal use, and projects can range from finishing a basement to remodeling a kitchen, to painting, to laying new sod. This home renovation tax credit works as follows: Homeowners can get a 15% tax credit of up to $1,350 for renovations that exceed $1,000 up to a maximum of $10,000 worth of work or materials. The renovations must take place and be completed between January 27, 2009 and January 31, 2010 to be eligible for this credit.
Under this $3-billion program, you may choose to hire a contractor or to do the work yourself. However, contractors must be registered for the GST so you cannot hire friends or family members. The Canadian government estimates that over 4 million families will take advantage and benefit from this tax credit.
The Home Renovation Tax Credit was created to encourage Canadians to spend now to help create jobs in industries typically hurt by an economic downturn.
"These measures to support home construction and renovation will help stimulate our construction and building-supplies industries," Federal Finance Minister Jim Flaherty said in his speech.
The tax credit will apply to a variety of home improvements, such as renovating a kitchen, bathroom or basement, new carpet or hardwood floors, building an addition, deck, or fence, installing a new furnace, painting the inside or outside of a house, or laying new sod. Expenses such as building permits, professional services, and equipment rentals are also eligible.
The cost of purchasing furniture, appliances, electronics, or construction equipment do not apply. Routine repairs and maintenance will also not be eligible for the credit.
Remember that the Home Renovation Tax Credit can be used in conjunction with other government renovation programs. For example, if you plan on making your home more energy-efficient, you may qualify for grants of up to $5,000 under the ecoENERGY Retrofit Program. In addition to this $5,000 grant, you will still be able to claim these renovations under the Home Renovation Tax Credit. The same is true for eligible expenditures that are claimed under the Medical Expense Tax Credit.
Here are some tips if you plan on hiring a contractor to do the renovations for you. Please make sure that your contractor is licensed and ask them to show you their license. Ask for references. A good contractor will be happy to provide you with a list of references as well as pictures showing the type of work they have done in the past. Get more than one quote and get them in writing. The quotes should outline exactly what will be done and how long it will take. Just remember that the lowest quote may not be the best. This contractor may be cutting corners. Ask to see the contractorýs certificate of insurance. A standard insurance would cover worker compensation and third-party liability for everyone on the job as well as damage they may cause. If the contractor does not have insurance, you may be held liable if case of an accident.
Happy 2009 renovations!
Diane Salman is a GTA real estate professional specializing in Oakville homes for sale. Keep up-to-date with market information in your area and feel free to visit the site search for Mississauga homes for sale and real estate related articles.
|
|
 |
 |
Barley Grass and Its Benefits
Barley Grass belongs to a family of grasses called cereal grasses During the first part of the 20th century, the juice of barley grass was discovered to be rich in vitamins and minerals
Synthetic Grass: An Increasingly Popular Alternative for the Yard
As Australia's severe drought has turned many green, lush gardens and yards into brown, lifeless dustbowls, an increasing number of Australian homeowners are turning to synthetic turf as a viable solution. Similarly, more home builders, landscapers, and sports and commercial facilities are actively investigating and promoting synthetic surfaces, causing a dramatic surge in synthetic turf demand here in Australia.
Artificial Grass: Why Do I Need It?
Artificial grass is also called waterless grass since they are produced from plastic which is believed to be eco friendly. They need less maintenance and no watering. As you all know, maintaining a lawn requires lot of water. There is scarcity of water in many places and Artificial grass is the best alternative to natural grass.
Fake Grass
The history of artificial or fake grass is to say the least an interesting one and arose out of the social desire to in-effect ward off what could be seen, as far back as the 1950s, as an increasingly unhealthy tendency by youngsters not to exercise.History has it that birth of synthetic grass began through attempts by scientists trying to develop a type of grass that would not only allow children and adolescents to play on regardless of the weather condition but encouraged them to do so, in other words, a surface that they enjoyed using or a user friendly surface.
Ways to Create Your Own Lawn With Lawn Grass Seed
Establishing a new lawn is not as difficult as people might think, in fact it is reasonably easy with the right equipment and a bit of knowledge to help you
There are two general types of lawn grass seed, the first type is what they call a warm season type of grass these are the Bermuda type grasses and the zoyzia type grasses, these types of grass can hold up extremely well in the hot humid heat of the south
Grasses 101
There are a great many varieties of grass that you can choose from for you lawn. By considering climate, location, and soil, you will be able to find the grass that will help your lawn to look great!
Bulu Perindu - The Enchanted Grass
Nature produces the most intriguing life-forms. We are normally aware of the animal, insect, and plant kingdoms--these we come across and interact with in our every day life and are perceptible to the senses; other creatures are too microscopically small for us to perceive with our naked eyes, these are the bacteria, germs, etc. Other life-forms not too commonly found are the transitions between the plant and animal kingdoms: "plant-like" animals and "animal-like" plants. Zoologically, they exist as microbes and also are to be found in abundance on a larger scale in the oceans and seas such as the polyps, sea-anemones, star-fishes, etc.
|
 |
|
