Some examples of eligible expenditures include:
• Renovating a kitchen, bathroom or basement
• New carpet or hardwood floors
• Building an addition, garage, deck, garden/storage shed or fence
• Re-shingling a roof
• A new furnace, woodstove, boiler, fireplace, water softener or water heater
• A new driveway or resurfacing a driveway
• Painting of interior or exterior of a house
• Window coverings directly attached to the window frame and whose removal would alter the nature of the dwelling
• Laying new sod
• Swimming Pools (Permanent – in ground and above ground)
• Fixtures – lights, fans, etc.
• Associated costs such as permits, professional services, equipment rentals and incidental expenses
This limited time credit applies to contracted work and/or purchased goods valued at more than $1,000. If you spend $10,000 or more, you qualify for the maximum credit of $1,350. The cost of routine repairs and maintenance are not considered eligible expenses. Full details about the Home Renovation Tax Credit are available at: www.cra.gc.ca.
Important Insurance Coverage Reminder:
If you are considering home renovations or additions in excess of $5,000, please contact us to avoid a potential gap in your insurance coverage.