It's reno time?
I know Mr. Speedy and I have felt spurred along by the Home Renovation Tax Credit to complete our reno projects before the Feb. 1, 2010 deadline.
(UPDATE: Just wanted to clarify that the HRTC is still subject to parliamentary approval - the bill (C-51) is still in committee, and is expected to be voted on in December.)
And, according to an Ipsos Reid survey for the Royal Bank of Canada released yesterday, we're not alone.
The survey found that a majority of Canadians plan to claim the tax credit (up to $1,350), and says almost half have decided to tackle more projects because of it, with Ontarians spending an average of $12,428 on home improvements this year. (Read the full story).
Remember that the work must be of "an enduring nature" and "integral to the dwelling" on an owned, personal dwelling to qualify - covering everything from big projects like installing a furnace or renovating a kitchen to laying new floors, painting, or installing a chandelier. And make sure you keep those receipts!
The survey also found that the time to renovate is now: fewer Ontarians are planning renovations over the next two years: 67 per cent this year compared to last year's 71 per cent.
Another key finding is that most renovators - 76 per cent - are paying for their projects out of savings (up from 70 per cent in 2008) instead of dipping into credit.
So, for those of you pushing to get those projects done - kitchens and bathrooms are at the top of revamping lists - here are some great resources to help inspire you and get you ready to grab that hammer (or hire a pro):
Federal Home Renovation Tax Credit website
Ipsos Reid/RBC survey resultsMaking your renovations pay off
Choosing the right stove to heat your homeDIY could mean don't injure yourself
Now's the time to renovateSuburban homes worth renovating
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