Archive for the ‘Tax Incentives’ Category

Last Call for Home Reno Tax Credit

Tuesday, January 26th, 2010

It’s not too late to renovate and get the Home Renovation Tax Credit (HRTC) … if you don’t mind long lines at your local home-improvement store. But you only have exactly one week to do so.

Know What Qualifies (and What Doesn’t)

It might be a good idea to check out all the details at the Canada Revenue Agency website. (Apparently, the Post Office is also handing out the Canada Revenue Agency General Income Tax and Benefit Guide for 2009.)

Basically, the rule of thumb is anything that stays with your property counts for the HRTC. Here are a few items that do qualify that you may not have thought of:

  • A new hot water tank
  • Blinds or shutters 
  • Paint (interior and exterior)
  • Re-shingling a roof

Even if you spend as little as $1,000 (but no less) you can get 15% off in tax credits when you file; just be sure you keep all your receipts.

There are rumblings about the federal government extending the deadline for the HRTC – or adding a new one later in 2010 but given how transient ruling governments can be (especially in a minority government!) it might be best to race towards this month’s deadline since it is a sure thing (even if you live in a condo).

And remember, you can “double-dip” on your renovation spendings if the products and/or services relate to energy-efficiency, thus qualifying for the HRTC and ecoEnergy Retrofit grants from Natural Resources Canada (and matched by your province in most cases).

How is your renovation spending going? Are you trying to get government money for the HRTC tax credit and/or ecoEnergy retrofit grant money?

For More information Please call the Home Sweet Home Team

Get the Best Bang for Your Buck!

Tuesday, December 15th, 2009

Whether doing it yourself or hiring a professional, interior painting, hardwood flooring and kitchen upgrades are among the renovations that yield the best return on investment.renovations

 Top ‘do it yourself’ renovations with the best return on investment

Renovation Project Approximate Cost (*) Approximate ROI (*)
Paint Interior $1,000 50 to 1000%
Replace carpeting with affordable laminate $2,000 for ( 1,000 sq.ft) 50 to 75%
Install new light fixtures $2,000 60 to 70%
Groom the exterior landscape $2,000 25 to 50%
Replace knobs and hardware $2,000 75 to 100%
Update the entryway $3,000 50 to 75%
Replace carpeting with laminate floors with hardwood $5,000 for (1,000 sq.ft) 50 to 75%
Build a fence/deck $5,000 50 to 75%
Renovation with best return on investment, some help may be required
Install an additional bathroom on main floor Under $5,000 80 to 100%
Renovate bathrooms $5,000 to $8,000 75 to 100%
Renovate kitchen $12,000 to $15,000 75 to 100%
(*) assumes mid-grade quality finishes, labour excluded

RRSP Down Payment

Thursday, April 2nd, 2009

The amount first-time buyers can withdraw from their RRSPs for a down payment has been increased from $20,000 to $25,000, the first major change to the RRSP homebuyers plan since it was introduced in 1992.

Residential real estate is a key sector of the economy, and these measures are intended to spur activity by getting people to spend both on purchases and upgrades

Time to act on home renovations!

Thursday, April 2nd, 2009

IF YOU’VE been planning a home renovation, but keep putting it off, this is the year to move forward. The home renovation tax credit announced last week offers a 15 per cent tax credit of up to $1,350 for eligible renovations to home or cottage.

In addition to major undertakings like a new kitchen or bathroom, the credit can also be applied to projects like a new furnace or water heater, or a resurfaced driveway. Items like new furniture, appliances or home electronics would not be covered.

The total cost has to be in excess of $1,000 and the credit tops out after $10,000 – the 15 per cent credit is applied to the amount between the $1,000 minimum and $10,000 ceiling, hence $1,350. It’s a non-refundable credit, which means it will reduce your taxes owing, but you don’t get the cash if you have a positive balance.

You can do the work yourself, or hire someone else. However, you can’t hire close friends or family members unless they have a GST number. Any member of the family can claim the tax credit, or it can be shared among family members. The materials and labour for the project must be purchased before Feb. 1, 2010.

Home Sweet Home Team

 

Julie Vesuwalla

julie@homsweethometeam.ca

Direct : 403-874-9021

 

Jeff LeBlanc

jeff@homesweethometeam.ca

Direct : 403-542-6926

 

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