 Whether
you want to finance an item on your home improvement wish list, like a new
kitchen or hardwood floors; or something on your must-do list, such as a
new roof or furnace, talk to us about a Renovation Loan from ECU.
We offer flexible payment options, competitive interest rates and life,
critical illness and disability insurance. We can pre-approve your loan and
you can draw on it as needed to save interest costs. If you have equity in
your home, we can arrange a home equity line of credit with low interest
rates and the ability to draw whatever you need, whenever you need it, through
your chequing account.
New 2009 - Home Renovation Tax Credit
Home renovations are smart investments in the long term value
of a home Renovations can also reduce energy consumption and the long-term
cost of owning a home.
The 2009 Budget introduced a temporary Home Renovation Tax Credit (HRTC)
which applies to eligible home renovation expenditures for work performed,
or goods acquired, after January 27, 2009 and before February 1,
2010, pursuant to agreements entered into after January 27, 2009. The
temporary nature of the credit provides an immediate incentive for Canadians
to undertake new renovations or accelerate planned projects.
The HRTC can be claimed for renovations and enduring alterations to a
dwelling, or the land on which it sits. The 15% credit may be claimed on
the portion of eligible expenditures exceeding $1,000, but not more
than $10,000, meaning that the maximum tax credit that can be received is
$1,350. The credit can be claimed on eligible expenditures incurred on one
or more of an individual’s eligible dwellings. Properties eligible
for the HRTC include houses, cottages and condominium units that are owned
for personal use.
Renovation costs for projects such as finishing a basement or re-modelling
a kitchen will be eligible for the credit, along with associated expenses
such as building permits, professional services, equipment rentals and incidental expenses.
Routine repairs and maintenance will not qualify for the credit. Nor will
the cost of purchasing furniture, appliances, audio-visual electronics or
construction equipment.
Further detail can be found on the Canada
Revenue Agency website.
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