2. Federal Home Improvement Grant 2009 – Eligible Improvements

Here is the list of eligible improvement. (Click here to read more about EcoACTION Retrofit Grant)
Being a first time home buyer, you are eligible to receive home renovation tax credit up to $1350 for projects begun or completed before Feb 2010.  The credit aplies to expenses between $1,000 to $10,000.

Improvements that qualify for the mortgage insurance rebate:

• New Furnace
• New Windows
• Better Insulation
• Solar Power Installation

Sally and Ed are a couple who have recently purchased a house. In response to the temporary HRTC, they decide to replace their old windows and improve the insulation in their home in 2009, rather than waiting, incurring $10,000 in expenditures this year. After taking into account the $1,000 minimum threshold, a 15-per-cent credit will be available on $9,000 in eligible expenditures, providing tax relief of $1,350. Karen and Heather are sisters who share ownership of a condominium unit. They each incur $7,500 in expenditures renovating the kitchen in the condo. Karen and Heather each claim a $975 credit on eligible expenditures of $6,500 ($7,500 – $1,000) Source: Goverment ecoACTION Retrofit Grant