Effective Jan. 27, any Canadian who spends money on home renovations will be eligible to receive up to $1,350 in tax relief, thanks to the new Home Renovation Tax Credit proposed in the Government’s Economic Action Plan.

“Each time a Canadian invests in home renovations, they are helping to create jobs in construction and building supplies in their own community,” said the Honourable Lisa Raitt, Minister of Natural Resources Canada. “By providing an incentive for Canadians to invest in their homes, we are also encouraging them to invest in local jobs.”

To highlight the kind of projects that will be eligible under this plan, the Minister visited a Victoria-area home renovation site and met with a local contractor who will be better able to protect and create jobs thanks to the additional home renovation projects that will be encouraged through this tax credit.

The Home Renovation Tax Credit will provide a one-year, temporary 15% income tax credit on eligible home renovation expenditures for work performed, or goods acquired, between January 27, 2009 and February 1, 2010. The credit may be claimed on eligible expenditures exceeding $1,000 but not more than $10,000.

Read the rest of the story…..

When it comes to energy-efficient renovations, an often overlooked home upgrade is insulation. While replacement windows and high-efficiency furnaces receive much of the attention, it’s important to remember that improving the attic, wall and basement insulation of your home can provide a lot of value for your investment!

Recently, we completed a home upgrade in Kelowna, BC, that offered an opportunity to showcase the process of upgrading insulation. Typical of older homes, this property has very little to no insulation. Built in the 1940’s, this bungalow style home with raised crawl space contains a tar paper air barrier, ship lap construction with lath and plaster walls. The only insulation to be found is wood shavings in the walls and ceilings

To start, we upgraded the insulation in the crawl space. Generally homeowners don’t think of their basement or crawl space as a prime source of heat loss, yet basements can account for 20 to 30 per cent of a home’s total.

Read the rest of the story…..

More heat is lost through poor attic insulation than from any other place in your home. If you think about it, it makes sense. Heat rises and when it rises through your home, it ends up leaking through the attic. On the other hand, many attics are the farthest place in the home from the central air conditioning and can be the hottest room in the house. Thus, attics need to be insulated from the heat and the cold. Whether you’re trying to improve the energy-efficiency of your home or make your attic space comfortable, attic insulation is almost universally a great idea.

Read the rest of the story…..