Q. I would like to get some renovations done on my home: Re-shingling roof, new flooring, washer and dryer, new fence, snow reÂmovÂal, pool mainteÂnance, window coverings, and painting. I don’t want to spend several thousand dollars and discover it does not qualify for the tax credit. Please comÂment.— Eddie
A. Homeowners must see if the job qualifies for the Home RenÂoÂÂvaÂtion Tax Credit.
What: A home used as a principal residence would be eligible for the HRTC.
When: Expenditures incurred between Jan. 29, 2009, and Feb. 1, 2010.
How much: Expenditures must be between $1,000 and $10,000 for a maximum tax credit of $1,350. The credit reduces tax payable and will not result in a tax refund. Claim on 2009 tax filing.
Which: Expenses incurÂred qualify, provided the job is of an enduring nature that becomes a permanent part of the home.
Eligible expenses: Re-shingling, flooring, fence, window covering and painting.
Not eligible: Washer and dryer, snow removal and pool maintenance.
– Henry Choo Chong, CGA, can be reached at choochonghcga@yahoo.ca.