It`s time to put your tax dollars back into your home with Canada`s economic action plan, the Home Renovation Tax Credit.

Sherwood BMR is here to help you get the most out of your tax credit opportunity and is dedicated to making it simple and easy to understand.

So here are the facts:

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%].

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.

Expenses ELIGIBLE for the credit include:

• Renovating a kitchen, bathroom, or basement
• New windows, doors, or flooring
• Building an addition, garage, deck, shed, or fence
• A new furnace, woodstove, fireplace, water softener, or water heater
• A new driveway or resurfacing a driveway, re-shingling a roof or painting of a house
• Landscaping – new sod, perennial shrubs and flowers, trees, etc.
• Swimming pools (permanent – in-ground and above-ground)
• Fixtures – blinds, shades, shutters, awnings, lights, fans, etc.
• Associated costs such as permits, professional services, equipment rentals, and incidental expenses

Expenses NOT ELIGIBLE for the credit include:

• Furniture, appliances, tools, and audio and visual electronics
• Routine repairs, maintenance and cleaning (e.g., furnace cleaning, snow removal, lawn care, pool cleaning, house cleaning)
• Financing costs  

There are also a few important things to remember when filing for your tax credit. Although you do not have to submit all of your documents with your return it is a good idea to ensure this information is available should the Canada Revenue Agency request it. In other words, keep your receipts and make sure to get all of your contracts in writing. Envelopes for storing your Renovation tax credit are available here in the store. Just ask any one of our staff members and they would be pleased to answer any questions you might have.