Home renovation tax credit
March 29, 2009
Spring renos buoyed by tax credit, incentives
Thinking of renovating your home? Now’s a great time to do it, with both the federal and provincial governments offering significant incentives for home renovation projects – including energy-saving upgrades.
The Home Renovation Tax Credit
The federal government’s January 2009 budget includes a Home Renovation Tax Credit good for the next year only, until February 1, 2010.
If you are planning to do any of the following, you can claim a portion of your costs back as a tax savings on your 2009 tax return:
remodel your kitchen or bathroom;
paint your house inside or out;
replace your inefficient windows, heating or air conditioning system;
upgrade your insulation:
complete any other eligible home-improvement projects.
The tax credit applies to home improvement projects over $1,000 and covers both parts and labour – in other words, both your new energy-efficient heating system and the electrician you hire to install it – as well as building permits and equipment rentals. A project (or projects) worth $10,000 or more will receive the maximum allowable tax credit of $1,350, or 13.5 per cent.
Visit the federal budget site's Home Renovation Tax Credit page for more information.
LiveSmart BC Incentives
Energy-efficient appliances are not included under the federal Home Renovation Tax Credit, but they are under the provincial government’s LiveSmart BC program.
Through LiveSmart BC, most ENERGY STAR® appliances and many other energy-saving products – such as energy-efficient windows, doors, water and home heaters, weatherstripping and window insulation – are PST-free at the point of sale. That’s an instant 7% savings for making the smart choice to be more energy efficient.
Other incentives worth hundreds or even thousands of dollars are also available through the LiveSmart BC Energy Efficiency Incentive Program, provided you have a LiveSmart BC home energy assessment and follow your energy advisor’s recommendations.
Spring renos buoyed by tax credit, incentives
Thinking of renovating your home? Now’s a great time to do it, with both the federal and provincial governments offering significant incentives for home renovation projects – including energy-saving upgrades.
The Home Renovation Tax Credit
The federal government’s January 2009 budget includes a Home Renovation Tax Credit good for the next year only, until February 1, 2010.
If you are planning to do any of the following, you can claim a portion of your costs back as a tax savings on your 2009 tax return:
remodel your kitchen or bathroom;
paint your house inside or out;
replace your inefficient windows, heating or air conditioning system;
upgrade your insulation:
complete any other eligible home-improvement projects.
The tax credit applies to home improvement projects over $1,000 and covers both parts and labour – in other words, both your new energy-efficient heating system and the electrician you hire to install it – as well as building permits and equipment rentals. A project (or projects) worth $10,000 or more will receive the maximum allowable tax credit of $1,350, or 13.5 per cent.
Visit the federal budget site's Home Renovation Tax Credit page for more information.
LiveSmart BC Incentives
Energy-efficient appliances are not included under the federal Home Renovation Tax Credit, but they are under the provincial government’s LiveSmart BC program.
Through LiveSmart BC, most ENERGY STAR® appliances and many other energy-saving products – such as energy-efficient windows, doors, water and home heaters, weatherstripping and window insulation – are PST-free at the point of sale. That’s an instant 7% savings for making the smart choice to be more energy efficient.
Other incentives worth hundreds or even thousands of dollars are also available through the LiveSmart BC Energy Efficiency Incentive Program, provided you have a LiveSmart BC home energy assessment and follow your energy advisor’s recommendations.
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