In the Federal Budget handed down on January 27, 2009 the Hon. Jim Flaherty offered up temporary tax credits for home renovations!
Flaherty also promised action to stimulate the housing sector. With housing starts begining to recover in Calgary, AB, the budget will surely have a positive impact on the Alberta economy.
A new home renovation tax credit would give up to $1,350 in tax relief on home improvement projects. The eligible expenses must be at least $1,000, but not more than $10,000, and the work would have to be done between Jan. 27, 2009, and Feb. 1, 2010.
The temporary credit would cost the government an estimated $2.5 billion for the upcoming fiscal year.
What role does your professional mortgage broker play? You would be surprised at the resources we can use to assist you in funding renovations- HELOC’s, mortgage refinances, and bridge loan mortgages can all be valuable assets to complete your home renovation project by using equity from your home, rather than cash from your savings.
