Good to know. If you're planning on doing any renovations in the near future, look into making it sooner rather than later in order to take advantage of the Home Renovation Tax Credit.
The final deadline for the federal Home Renovation tax credit is closing in. You have until February 1st 2010 to take advantage.
The Home Renovation Tax Credit applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum non-refundable tax credit of $1,350 [($10,000 - $1000) x 15%]. The Home Renovation Tax Credit is subject to Parliamentary approval. You can claim a non-refundable tax credit on your 2009 income tax return. This tax credit is based on eligible expenses incurred for work performed or goods acquired after January 27, 2009 and before February 1, 2010. Only agreements entered into after January 27, 2009 and related to a qualified dwelling are eligible.