home renovations – Page 3

Household

5 Things That Can Put A Property Renovation Over Budget

Renovating a property can be an exciting time. But it can also be an expensive one, especially if you don’t keep a firm eye on the ongoing costs of completing the job.

Here are five common pitfalls that trip people up when it comes to budgeting for a home renovation.

#1: Inadequate planning from the start

This is one of the biggest hazards in property renovation – particularly if you haven’t done it before. Make sure you have accounted for every nut, bolt and screw and every process that needs to be gone through to get the finished result.

March 21, 2012

Taxes

It’s Not Too Late For The Home Renovation Tax Credit

The Home Renovation Tax Credit (HRTC) is a temporary program designed by the Canadian government to stimulate economic growth and help Canadians with home improvements.

The HRTC allows you to claim expenses incurred for home improvements dated after January 27, 2009, and before February 1. 2010. You can file the HRTC on your 2009 tax return. Keep your receipts and labour contracts filed away safely in case CRA needs to see them in the future.

The HRTC can help you to save up to $1350.00 on home improvements purchased before February 1, 2010. You still have a few weeks to buy your materials if you are planning a home improvement project for 2010 and you want to take advantage of the tax credit. Although you won’t be able to claim labor costs after February 1^st, you will at least get the tax credit for a percentage of the cost of your materials. The nice thing is that you don’t have to have your renovations completed by February 1^st, you just have to buy the materials before then.

January 8, 2010