The deadline is quickly approaching for you to take advantage of the Home Renovation Tax Credit.
Senior Tax Analyst for H&R Block Canada Cleo Hamel tells Bayshore Broadcasting News there’s less than a month to go.
Hamel says if you’ve hired a contractor, the work must be finished by February 1st in order to qualify.
She stresses that simply signing a contract before the deadline is not enough – the project has to be completely finished.
But Hamel says you have a little more leeway if it’s a do-it-yourself project.
She says you can claim any supplies or materials purchased on or before January 31st and then complete the work yourself whenever.
Hamel says in order to qualify you have to spend at least one thousand dollars and can only claim up to 10-thousand.
All the expenses must be incurred between January 27th, 2009 and February 1st, 2010.
Hamel adds the projects have to add value to your property, such as kitchen upgrades, landscaping, or painting.
They cannot be simple maintenance projects such as furnace or carpet cleaning.
Hamel says you may not realize that lots of those smaller projects around the house can add up.
She recommends you go over your receipts from the past year and see if you’ve racked up enough to qualify.
Hamel says whether you can get 150 dollars or the maximum 13-hundred dollars back on your 2009 tax return – it’s better in your pocket than someone else’s.
Hamel says there have been rumours that the government will extend the Home Renovation Tax Credit – but nothing has been decided and the deadline still stands.
She says it would be a great move if there was an extension because this credit has been a boost for the economy.
Hamel says she’s heard from many contractors that they are completely booked up as the deadline for qualifying for the Home Renovation Tax Credit approaches.