By now, we have all heard about “Canada’s Economic Action Plan”, and may have taken advantage of the tax rebates available to Homeowners and First-time Home Buyers, under this plan. The Home Renovation Tax Credit (HRTC) and EcoEnergy Retrofit – Homes Program offer tax rebates for renovations which meet specific criteria, and the First-time Home Buyers’ Tax Credit is for up to $750. All programs have managed to stimulate Housing Construction and Renovation since The Plan’s implementation over a year ago.
The Home Renovation Credit (HRTC) was available to Homeowners for a broad range of renovations costing between $1,000 and $10, 000. Eligible renovations include electrical wiring, landscaping, building plans and the list goes on. Many people would have liked to see the HRTC extended into Year 2 of The Plan as discussed in this article: http://castlegarsource.com/node/4821. On a positive note, an estimated 4.6 million Canadian are currently receiving credits for up to $1,350.
Similarly, The EcoENERGY Retrofit – Homes Program offers tax rebates for home renovations, but strictly those that improve a homes energy efficiency. Upgrading your homes heating, cooling and plumbing systems are ways to make your home more energy efficient. It is important to note that in order for the upgrades to be eligible for a tax rebate, the equipment and materials used such as furnaces or windows, must meet the Energy Star Qualification. Read this interesting article about products that qualify for the Energy Star Certification:
http://www.washingtonpost.com/wp-dyn/content/article/2010/02/21/AR2010022103688.html
Last month, the government allocated an additional $80 million to the program that was to run until May 2011, however a recent announcement was made that if you have not already performed the pre-construction audit then you are out-of-luck for the rebate.
I’m a local contractor and I am beginning to observe that consumers would just like to fix up their existing home and make it even more livable simply because they won’t be selling anytime in the near future. It is really a pity what the existing real estate arena has been doing. With that said renovation is surely a alternative for homeowners planning on staying put.
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