August 04, 2009
MP Mark Warwa encourages langley homeowners to take advantage of home renovation tax credit
“There has never been a better time to renovate your home,” says Warawa. “This new tax credit will help homeowners who renovate this year save on their taxes. In addition, these renovations will often lead to reduced energy costs or increases in the value of your home.”
“Best of all, every time Canadians invest in renovations, they are also helping create construction and building-supplies jobs in their local communities.”
“This is the best time of year for a home renovation project, and this tax credit is an excellent incentive to get started,” says Warawa. “What’s better than increasing your property value, improve energy effieciency and saving money?”
Warawa also reminds homeowners to check with Langley municipal governments about rebates for replacing toilets with low water use models.
A key component in Canada’s Economic Action Plan, the Home Renovation Tax Credit provides a 15% income tax credit on eligible home renovation expenditures for work performed or goods acquired between January 27, 2009 and February 1, 2010. The credit may be claimed on expenditures exceeding $1,000 but not more than $10,000 and will provide up to $1,350 in tax relief.
For more information on the Home Renovation Tax Credit please visit: http://www.actionplan.gc.ca/eng/media.asp?id=1531.
