It may seem like you had more time to start that reno project before the Home Renovation Tax Credit deadline. Well, here is a reminder that February 2010 is not that far away and perhaps you have some time this holiday season to spruce up the home.

From the Revenue Canada Website:

Only available for the 2009 tax year.

The Home Renovation Tax Credit (subject to Parliamentary approval) is a non-refundable tax credit based on eligible expenses for improvements to your house, condo or cottage. It can be claimed on your 2009 income tax return. It applies to work performed or goods acquired after January 27, 2009, and before February 1, 2010 under an agreement entered into after January 27, 2009.

Important Notice
Eligible expenses for goods acquired during this period, even if they are installed after January 2010, will still qualify. If an eligible expense involves work performed by a contractor or a third party, and the work is not completed by the end of the eligible period, only the portion that is completed before February 1, 2010 will qualify even if a payment has been made.

The HRTC applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum non-refundable tax credit of $1,350 [($10,000 − $1,000) × 15%].

Not sure what you’d like to have done, but are looking for ideas? Here are some excellent wells of inspiration from our current and past Renovation of the Month stories.

Read From Seventies to Smashing.

Read Classic Meets Modern.

Read Careful and Innovative Detailing.

Read Modernistic Cool.

Visit the Renovation of the Month archive for more inspiring designs and our sister site The Home Interior Guide’s fabulous Makeover galleries.

Want a free quote? Submit your project here and get contacted by local contractors.