It could not be a better time to start to renovate your home. The government has recently announced a new program to help home owners with renovation projects. Coupled with the the Eco Energy retrofit grants, this makes renovating your home not only logical but economical as well.
Below is a list of a few highlights of the program
- 15 per cent tax credit of up to $1,350 for eligible renovations to home or cottage
- The credit can be applied to projects like a new kitchen or bathroom, a new furnace, water heater, or a resurfaced driveway. Items like new furniture, appliances or home electronics would not be covered
- The total cost has to be in excess of $1,000 and the credit tops out after $10,000 - the 15 per cent credit is applied to the amount between the $1,000 minimum and $10,000 ceiling, hence $1,350. It's a non-refundable credit, which means it will reduce your taxes owing, but you don't get the cash if you have a positive balance.
- The federal goverment estimates as many as 4.6 million homeowners will take advantage of this new program
- Homeowners can also do some double-dipping, as the renovation credit can be claimed on projects that also qualify for ecoEnergy Retrofit grants. Under that program, Nova Scotians can qualify for a federal grant of up to $5,000, and a matching provincial grant of up to $1,500 for renovations that make your home more energy efficient.
- Last week's budget also included some tax relief for first-time homebuyers. This includes a credit of up to $750 to cover closing costs, such as legal fees, title insurance and deed transfer taxes. This credit covers 15 per cent of eligible closing costs, up to a maximum of $5,000.
- As well, the amount first-time buyers can withdraw from their RRSPs for a down payment has been increased from $20,000 to $25,000, the first major change to the RRSP homebuyers plan since it was introduced in 1992.
Information Taken From Chronicle Herald
This is great news for homeowners and first time home buyers. This will add a much needed boost to the ecomomy. If You would like more info on this program do not hesitate to contact me at 902-488-0012 or email andrewperkins@exitmetro.ca
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Andrew Perkins
Your Halifax Real Estate Expert
Full time Real Estate Professionl servicing all of HRM. Let my experience, marketing savvy and negotiating skills work for you. I am also a memeber of the National Association of Green Realtors.
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