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View Full Version : Home Renovation Tax Rebate Thingy



Xzavia
09-18-2009, 09:41 AM
How many are doing renos and hoping to have some extra $$$ coming their way come income tax time?? We've been saving ours, not that we've done much. But anyway....according to this actricle (if I'm reading it right), the "rebate" only helps to bring down your taxes if you owe, right? So if you normally get money back, this isn't going to add some extra to that?

http://www.saultstar.com/ArticleDisplay.aspx?e=1759105

The 6th Member Of AC/DC
09-18-2009, 09:49 AM
Yes it will add extra to it if you already get money back for other reasons. However I don't think you receive a tax write off for proceeds from your Drug Cartel from last year, lol

Xzavia
09-18-2009, 09:53 AM
:sph34r: Dam!

:swink:

Jack Butler
09-18-2009, 10:13 AM
This should help.....

http://www.canspecinspection.com/

opinionated
09-18-2009, 10:14 AM
Its stupid the way it works too. They make it sound good by the way they word it, but in reality, you have to SPEND $10,000 to get the full tax credit, which is only something like $1,350.

I guess every little bit helps, but its not a whole lot really.

If you think about it the government is gaining money by doing this, its actually kinda smart but sneaky on their part.

verotik66
09-18-2009, 10:20 AM
This should help.....

http://www.canspecinspection.com/

that is totally unconnected to the topic

verotik66
09-18-2009, 10:21 AM
Its stupid the way it works too. They make it sound good by the way they word it, but in reality, you have to SPEND $10,000 to get the full tax credit, which is only something like $1,350.

I guess every little bit helps, but its not a whole lot really.

If you think about it the government is gaining money by doing this, its actually kinda smart but sneaky on their part.

if you reno your kitchen you spend atleast 10000 and get a tax credit for 1000, i had a big grr about that because we had just done that a few months earlier lol

Tutones
09-18-2009, 10:25 AM
But Theresa Gauthier, owner of Northern Tax Service in Callander, said homeowners who have already moved ahead or are planning to renovate should take note of the word "non-refundable."
"I think it's really important to emphasize that," she said, noting many people don't realize that the home renovation tax credit can only be used to reduce your taxes owning.
That means there's no refund if you don't owe taxes at the end of the year.


This quote is a bit misleading. Anyone who does renovations WILL get money back as a non-refundable tax credit reduces your taxable income. If you paid taxes based on a higher taxable income, you will be refunded the difference.

yoda
09-18-2009, 10:30 AM
I was under the impression that this bill had already been passed. Talk about pressure to pass this budget!

opinionated
09-18-2009, 10:58 AM
It most likely will be passed no matter who is in office. There would be a lot of pissed off people otherwise.

answerman
09-19-2009, 10:58 AM
It passed yesterday, PC-NDP-Bloc coalition. Let the receipt stealing begin!

Peety
09-19-2009, 12:20 PM
I have done a major..No need to steal any.

Peety
09-19-2009, 12:30 PM
What was his name?? :tongue:

I don't kiss and tell..:kiss:


I am doing windows, insulation, siding, veranda,
Chimmney is already done.

Giggle Squirt
09-19-2009, 12:36 PM
it's ok peety, I kiss and tell!!! :kiss: :rose: SO how is the stripping going?