Have you made all you purchases for the Home Renovation Tax Credit???If not this weekend is your last chance to do so in order to get in under the Jan.31 deadline.So run to Rona,Home Depot,Home Hardware or your local reno store to stock up!!
Click here to go to the discussion thread.
I knew about it when I ordered my kitchen cupboard doors the other day but never thought anything when they told me they would charge my credit card when they shipped.…next week!!!After seeing the post I called back to have them charge today.
Thanks so much to Amberlab for the great post to remind us all.
Just in case anyone doesn’t know (I know some people who have been burned by this), you don’t get “all your spending back as a credit”. The stores in my opinion have been pretty bad about advertising it without actually telling you how it works. You have to spend at least $1,000, and you get back 15% in a non-refundable tax credit (i.e. if you don’t pay that much in taxes, it’s worthless, no carry-forward), for $1,000 to $10,000 worth of purchases. Therefore if you spend $10,000 on eligible purchases, you get back ($9,000 x .15) $1,350 — that’s all, and only if you pay more than $1,350 in tax this year. There are lots of stories about elderly people on fixed incomes getting essentially conned because they think they will get reimbursed with a cheque in the mail.
Just a heads up if you’re in a frenzy and going to run out to beat the deadline!
Correct advice, Michael. The fact that the tax credit must be applied to only 2009 income tax, and only if tax is owing, is deceiving at best; those of us with low incomes must feel we have been misled in assuming the tax break would — at least — be held in trust. Then again, why should we be surprised!
What annoys me most about it is how Home Depot etc have been advertising it, you even see it on TV with all the DIY ads, as though only an idiot wouldn’t renovate their home right now whether they need to or not. When you work it out, it’s only up to a savings of 13.5%, and only if you are paying tax this year. Yes it’s nice if you need these things anyway, but it’s no better discount than the regular weekly specials at most stores. You’re definitely not getting it for free (not to mention your time and effort in doing the actual work).
I think that the Home renovation tax credit was one of Canada’s best advertised program ever. There were pamphlets everywhere on it, and no where was there information saying that you would get the stuff you bought for free. It was advertised as a tax credit, not Free money.