Programs and Incentives for Buyers and Sellers
Confident buyers are taking advantage of the great opportunities available for buying real estate. With historically low interest rates and a good supply of properties for sale, buyers are stimulating the spring market early this year.
The recent federal budget outlined a new tax credit that will provide assistance for homeowners to renovate their homes and increase real estate affordability.
Example:
A property owner who replaces all windows in the house may spend $10,000.00 in 2009. After taking into account the $1,000 minimum threshold, a 15-per-cent credit will be available on $9,000 in eligible expenditures, providing a tax credit of $1,350.
The credit is subject to the principle residence only and one credit per household. Homeowners should save all receipts that qualify and claim them on their 2009 tax return.
Wondering what types of products, services and expenses are eligible?
Eligible
- Renovating a kitchen, bathroom or basement
- New carpet or hardwood floors
- Building an addition, deck, fence or retaining wall
- A new furnace or water heater
- Painting the interior or exterior of a house
- Laying new sod
- Labor costs;
- Professional fees;
- Building materials;
- Fixtures;
- Equipment rentals; and Permits
Ineligible
- Furniture and appliances (refrigerator, stove, couch);
- Purchase of tools;
- Carpet cleaning; and
- Maintenance contracts (furnace cleaning, snow removal, lawn care, and swimming pool cleaning
Additional information from the article source.
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