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32 - Apple Valley Scoop - December 2009What You Need to Know About:The Home Renovation Tax GuideIn 2008, the Canada Mortgage andHousing Corp expected Canadians to spendmore than $51 billion fixing up, adding onor replacing something in or around theirhouse – up nearly 10 percent from 2007.With the economic condition remainingunstable, many Canadians may bereconsidering their renovation plans in2009. However, the new Federal Budgetannounced in January 2009 is givinghomeowners a tax credit for fixing up theiraddress.Here are the answers to common questionsabout this new tax credit:How much is the credit worth?The credit is calculated as 15% ofrenovations in excess of $1,000. If you spend$6,000 on renovations, you will get a creditof $750 ($5,000 x 15%). The maximumcredit is $1,350 on renovations of $10,000or more.What kind of renovations qualify?The renovations must be of an enduringnature and be integral to the dwelling.Examples offered by the governmentinclude:• Renovating a kitchen or bathroom.• New carpet or hardware floors.• A new deck or fence.• A new furnace or water heater.• Painting the interior or exterior of yourhouse.• Resurfacing your driveway.You can claim the cost of buildingmaterials, labour, equipment rentals and thecost of getting permits.What types of expenses do notqualify?Types of things you cannot claim include:• Repairs or maintenance performed ona yearly or more frequent basis (suchas furnace or carpet cleaning).• Furniture or appliances such as a newstove or fridge.• Tools or equipment that will retain avalue beyond the renovations.• Financing costs.What types of dwellings qualify?A residence will generally qualify if it iseligible to be your principal residence or theprincipal residence of a family member at anytime between January 27, 2009 and February1, 2010. If you own a condominium, youcan claim your share of expenses incurred inrespect of common areas as well as expensesin respect of your own particular unit.Is there a deadline for doing myrenovations?You can only claim for work done ordone your renovations yet?To take advantage of thiscredit you must keep allagreements, invoices andreceipts.You can claim for eligiblerenovation expenses incurredafter January 27, 2009 andbefore February 1, 2010.supplies purchased before February 1, 2010.You cannot claim for agreements to dowork or buy supplies that were entered intobefore January 28, 2009. The credit mustbe claimed on your 2009 tax return (evenwhere the work is done in January 2010).Article submitted by:H&R BLOCK8748 Commercial StreetNew Minas, NS B4N 3C5The Home Renovation Tax Creditis meant to help Canadians receivesome tax savings for doing renovationsto their home. The creditcovers a wide range of renovationsthat add lasting value to the home.For more information visit or call:8748 Commercial St,The new Home Renovation Tax Creditcould result in tax savings of up to $1,350.hrblock.caPalmer Home HardwareBuilding CentreSpecializing inNew Home Construction/RenovationsSales, Installation & Repairs to All Makes &Models of Garage Doors, Residential & Commercial30 Years ExperienceArtsoverheaddoors@ns.aliantzinc.ca100 South Street BerwickPhone: 538-0659Art Cell: 691-1482 • Dave Cell: 698-349242 Years ExperienceSpecializing in AlterationsQuilting Classes • Custom OrdersDrapes ~ Duvet Covers ~ Cushion CoversBridesmaid, Flowergirl & Wedding Dresses128 Gaspereau Ave., Wolfville NS B4P 2E1542-0909902-670-5560 • sheilarich60@hotmail.com155 Commercial St., Berwick, N.S. B0P 1E0Tel: (902) 538-8000Fax: (902) 538-8194Toll Free: 1-877-538-5777www.palmerhomecentre.com