Posts Tagged ‘home renovation’
HST on Renovations Hits May 1st
[caption id="" align="alignleft" width="300" caption="Image via Wikipedia"][/caption] You can't avoid the taxman: Goods ordered early for post-July installation will still get 13% levy With all the billboards springing up around the city, it's hard to miss the 13% harmonized sales tax (HST) slated to become law July 1. For many, the tax is just a convenient combination of 8% provincial sales tax (PST) and 5% goods and services tax (GST). But for the home renovation industry, which contributes $20-billion and 195,000 jobs to Ontario's economy, the HST may have some hidden challenges. Figuring homeowners will rush to get projects in under the deadline and avoid the tax, the government has also added a May 1 deadline clause. Essentially, any project ordered by May 1, but not completed by July 1, is subject to the whole 13% tax. But if the work is completed before July 1 it will be taxed at the current 5% GST. The clause ...
Don’t forget about the Canadian Renovation Tax Credit
The following article appeared on Yahoo Canada News Fri Jun 26, 1:19 PM By The Canadian Press OTTAWA - A new poll suggests more than one in three Canadians plan to take advantage of the federal government's home-renovation tax credit. More than eight in 10 of those questioned in The Canadian Press-Harris Decima survey said they were aware of the program, under which eligible applicants can receive a tax rebate of as much as $1,350 if they invest up to $10,000 in renovations on their home. "Unlike many new tax policies which only get noticed by accountants and actuaries, the government of Canada has successfully communicated the introduction of the home renovation tax credit to Canadians," said Harris Decima's senior vice-president, Jeff Walker. "This program appears to be helping stimulate the economy as well." Nationally, 82 per cent of respondents were aware of the home-renovation tax credit, while 17 per cent said they were unaware. Those under age 35 and those with annual incomes below $60,000 were least likely to know of the tax credit. Overall, 35 per cent of respondents said they planned on taking advantage of the program, while 60 per cent said they would not. The ratio of ...
Home Renovation Tax Credit
The Canadian Government announced a Home Renovation Tax Credit with the 2009 budget allowing Canadians to receive up to $1,350 in a tax credit on eligible renovations completed between January 27, 2009 and February 1, 2010. The property must be a residence you live in and the renovations/alterations must be of an enduring nature. Appliances, furniture and tools are not eligible for this tax credit. Take a quick look at the video above for more detailed information on this tax credit and how it can benefit your family. If you have any questions please do not hesitate to contact me.
