Newfoundland Temperatures getting colder! Time to explore ecoENERGY Retrofit and Home Renovation Tax Credit programs

September 9, 2009 · Filed Under Energuide Info, Home Maintenance · 3 Comments 

What a great summer we are having (or is it had).  Unfortunately you can feel the Newfoundland nights getting colder.  On that note, it might be a great time to think of ways to make your home more energy-efficient AND receive grants through the ecoENERGY Retrofit Program. There you can find a list of improvements and retrofits that are eligible under the ecoENERGY Retrofit – Homes program and the corresponding grant amounts. The maximum grant you can receive for a home is $5,000.  Don’t forget the Home Renovation Tax Credit.  You can claim a non-refundable tax credit on your 2009 income tax return based on eligible expenses incurred for work performed or goods acquired after January 27, 2009, and before February 1, 2010 resulting in a maximum tax credit of $1,350.

Possible Tax Credit for Home Renovations in Jan 27 budget

January 15, 2009 · Filed Under Home Maintenance, Real Estate Canada · Comments Off 

In 12 days the government is set to release the details of the budget and is  expected to deliver up to $30-billion in stimulus to soften an economic downturn.  Among the items on the agenda is the potential to offer a tax credit for home renovations.

Still in the infant stages they are toying with this idea and whether to offer a tax credit for home renovation in general, or merely for retrofits and upgrades that increase energy efficiency.

A few of the negative drawbacks we can expect to see for a national program  such as this reno tax credit is that they are typically difficult to administer, hard to monitor and susceptible to fraud.

Personally I thought this would be accepted with open arms, but after reading some of the comments left on the Globe and Mail article opinions are quite mixed.

Read the full article in the Globe And Mail – Plan offers tax credit for home renovations