Renovation Tax Credit

December 14th, 2009

Don’t forget……the renovation tax credit is still scheduled to end on January 31, 2010. ¬†Apparently those extensions that Minister Blackburn hinted at aren’t materializing! ¬†So, if you want to benefit from the reno tax credit, you ¬†have to get going.

You are allowed to buy eligible supplies by January 31, and install them after that date. ¬†These costs will still qualify. ¬†On the other hand, if you are hiring someone else to do your work for you, only the portion of the work that is completed will qualify, even if you have paid for the whole ¬†project by January 31. ¬†In other words you can’t pay someone on January 31 and then have ¬†them do the work in February. ¬†This makes sense ¬†since without this regulation you’d have all manner of interesting arrangements taking place!

Filed under: Personal Tax by David Boese No Comments »

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