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Home Renovation Tax Credit good for Ottawa Real Estate market

Ottawa Real Estate Market Benefits from Tax Credit

Homeowners have until Feb. 1, 2010 to save 15% on renovations via the Feds new Home Renovation Tax Credit Tax Credit.  Taxpayers can claim renovations on their 2009 tax returns on costs over $1,000, but not exceeding $10,000.  This will definitely create numerous opportunities in the Ottawa Real Estate Market for investors and trades professionals alike.

The list of eligible expenses for the tax credit includes renovating kitchens, bathrooms or basements; new carpeting or flooring; building additions, decks, or retaining walls; installing furnaces or water heaters; interior and exterior painting; or driveway resurfacing.  Note; Routine maintenance does not qualify.

The government will also be putting an extra $300-million over two years into energy retrofits and raising to $25,000 the amount first-time homebuyers can borrow from RRSPs.