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Does my Reno qualify for tax credit?
With the Jan. 31 deadline just around the corner, anyone who still wants to take advantage of the federal government`s popular home renovation tax credit had better hurry.
"The most important thing for people to know is that they still have 10 days to buy and take delivery of materials that they are thinking of using for renovations," Jamie Golombek, managing director of estate and tax planning with CIBC Private Wealth Management, said in an interview Wednesday.
Although it is likely too late to get the labour done in time, "anyone thinking of doing anything in their home in the next few months should try to get that material now... otherwise you are really losing out."
The home reno tax credit, introduced as a limited-time program in the 2009 federal budget, has proven extremely popular with housing-obsessed Canadians. "Anecdotally, it is the topic of almost every single presentation I give in terms of personal tax. The Canada Revenue Agency has responded to more technical interpretation questions in terms of what qualifies and what does not than any other topic in recent history," Mr. Golombek added
Read the full article here.
With the Jan. 31 deadline just around the corner, anyone who still wants to take advantage of the federal government`s popular home renovation tax credit had better hurry.
"The most important thing for people to know is that they still have 10 days to buy and take delivery of materials that they are thinking of using for renovations," Jamie Golombek, managing director of estate and tax planning with CIBC Private Wealth Management, said in an interview Wednesday.
Although it is likely too late to get the labour done in time, "anyone thinking of doing anything in their home in the next few months should try to get that material now... otherwise you are really losing out."
The home reno tax credit, introduced as a limited-time program in the 2009 federal budget, has proven extremely popular with housing-obsessed Canadians. "Anecdotally, it is the topic of almost every single presentation I give in terms of personal tax. The Canada Revenue Agency has responded to more technical interpretation questions in terms of what qualifies and what does not than any other topic in recent history," Mr. Golombek added
Read the full article here.