We made the journey to Ottawa to get new pictures taken for our website and our advertising.
What we didnt expect was to find a wonderful man with so much insight into business and someone who could make a photo shoot so much fun! Paul Couvrette is a nationally renowned photographer and was so much fun to work with! He was able to capture the essence of our team....good friends and even better working partners. Please visit his website www.couvrette-photography.on.ca/ . You will be amazed! Thanks, Paul
Thursday, March 5, 2009
Sunday, March 1, 2009
The Isaac Foundation
Janet and Susan have committed to donate a portion of their commission to the Isaac Foundation, so when you buy or sell a house through them, you too are helping Isaac. This brave little fellow has touched so many lives as he struggles to live with the dehabilitating symptoms of MPS VI. His enthusiasm for life, his easy smile and his zest for living is an inspiration to everyone who is fortunate enough to meet him. Please visit the website for more information aboud Isaac and his family. http://www.theisaacfoundation.com/
Economic Forecast
CORRECTION, NOT CRASH FOR CANADIAN REAL ESTATE MARKET IN 2009;AVERAGE HOUSE PRICES FORECAST TO FALL 3.0 PER CENT
Historically low interest rates, stable local economies and increasing affordability should support Canada’s residential real estate market during transitioning period
TORONTO, January 6, 2009 – After experiencing a significant reset in 2008 – a reaction to continuous dire news surrounding the health of the global economy combined with a cooling from the previous years’ fervid activity levels – Canada’s resale real estate market should see only modest price and unit sales corrections take place across the country during 2009. Both national average house prices and the number of homes sold is expected to decline this year, according to the Royal LePage 2009 Market Survey Forecast released today.
Nationally, average house prices are forecast to dip by 3.0 per cent from last year to $295,000, while transactions are projected to fall to 416,000 (–3.5 %) unit sales in 2009. In spite of this cooling trend on a national level, price and activity gains are anticipated in some provinces.
Emotional reaction to recent economic and political instability did much to dampen consumer confidence during the latter part of 2008, causing a marked slowdown in house sales activity. However, as a more rational understanding of the issues gains ground, together with a wide range of announced corrective measures, consumer confidence is anticipated to recover, prompting real estate activity to pick up once again in the latter half of 2009. Further, Canada in 2009 enjoys a stronger economic foundation than most countries and that should temper the housing market correction. The combination of low inflation, reasonable employment levels and improving housing affordability, driven in part by low mortgage rates, are anticipated to stimulate demand in the coming months.
"While Canada's housing market is anticipated to continue to move through a period of adjustment over the next six months, we should expect modestly lower home prices, not a U.S.-style collapse, which was brought on by a structural failure of the entire American credit system," said Phil Soper, president and chief executive of Royal LePage Real Estate Services. "Most consumers are not aware that nationally, Canadian housing market activity peaked in 2007 and has been adjusting lower since. We are well into this inevitable cyclical correction.”
Added Soper: "While a grey cloud hangs over some markets, the sky is not falling. In recent years, Canada has been a difficult place to be a purchaser of real estate, particularly for first-time buyers. When real estate markets correct, inventory levels rise, providing buyers choices instead of frustrating bidding wars. In 2009, appropriately-priced homes will still sell for fair value."
The housing market is expected to perform quite differently from region to region across the country. In many mid-sized cities where home prices remain below the national average, such as Regina and Winnipeg, prices are expected to increase moderately through 2009, as home ownership remains particularly affordable. The most significant price decreases are forecast for Canada’s most expensive city, Vancouver, which has experienced above average price increases for most of the decade. The correction is a natural cyclical reaction to an extended period of high price appreciation. Vancouver’s fundamentals, including growing population figures and the positive economic spinoffs expected from the 2010 Olympics, remain very positive.
Observed Soper: “For several years, Vancouver experienced aggressive price run-ups in response to overwhelming levels of demand – conditions, which eventually reached a tipping point. While buyers will be acquiring properties for less in 2009, it is important to note that prices are coming down from all-time record levels.”
Secondary Ontario markets heavily populated by people working in the manufacturing sectors are also anticipated to experience greater than average declines in house prices and activity levels in 2009. In contrast, real estate in Montreal and Ottawa is poised to remain stable, with average house prices relatively flat through 2009.
After moving through a period of correction that started in 2007, well before other regions in the country, both Calgary and Edmonton’s housing markets are anticipated to return to a growth state later in 2009, characterized by stable average house prices and increased unit sales. Despite slowdowns and delay with some major energy projects, Alberta’s economy remains one of the strongest in Canada.
Looking east, Halifax’s real estate market is expected to experience very modest price appreciation through 2009. After experiencing strong price increases over the last year and a half, the market has hit its capacity for absorbing rising prices and activity levels. The city’s diversified array of industries is expected to bolster the economy and continue to create solid employment opportunities, stabilizing home values.
Canadians have been confused and justifiably skeptical of the efforts of the worlds’ central banks and governments to combat the global economic crisis. There is broad belief, however, that Canada’s financial house is in better shape than many peer countries, particularly the U.S. While the federal and most provincial governments have been slow to implement economic stimulus packages, they enjoy broad public support in principle. Together with the actions taken by the Bank of Canada, the positive impact on consumer confidence stemming from infrastructure spending announcements and other stimulus programs is expected to be significant.
Concluded Soper: “We believe that the Canadian economy will struggle early in 2009, but that conditions will progress continually throughout the year. Improving credit markets, the stimulative impact from a weaker Canadian dollar, together with the implementation of large fiscal stimulus initiatives, set the stage for a return to growth in the second half of 2009.”
Economic Factors Impacting 2009 Forecast
Global Economic WoesNo country is impervious to the current economic woes being felt around the world. The poor performance of the equity markets and the constant stream of pessimistic economic news had a very negative impact on housing activity in Canada in 2008. Consumer confidence is expected to slowly recover during 2009 as the impact of the many corrective actions introduced and announced takes root.
Tempered, but continued growth in emerging economies, particularly China, India and Brazil, should mitigate the downside risk to Canadian commodity exporters.
Foreclosure Figures in CanadaForeclosure rates in Canada are expected to increase, but remain very limited, especially when compared to the U.S. experience, where a broad structural failure of the credit system occurred. Canada’s relatively insignificant subprime market, and in turn, the low number of Canadians contractually committed to very risky mortgages, should result in a foreclosure rate of insufficient volume to impact house prices or transaction activity.
Employment RatesAcross the country, employment rates are expected to erode somewhat in 2009, but remain at long-term healthy levels. Some areas in Ontario, and to a lesser extent Quebec, that have high levels of manufacturing jobs, may experience greater than national average unemployment. Areas in Alberta tied to the energy sector may see short-term employment declines, but the province’s tight overall labour market is expected to mitigate the downside.
Interest RatesThe Bank of Canada’s overnight target-lending rate, already at very low levels, is expected to be reduced again early in 2009. This should bode well for home buyers in 2009 as loosening credit spreads allow banks to offer more aggressively priced mortgages
Historically low interest rates, stable local economies and increasing affordability should support Canada’s residential real estate market during transitioning period
TORONTO, January 6, 2009 – After experiencing a significant reset in 2008 – a reaction to continuous dire news surrounding the health of the global economy combined with a cooling from the previous years’ fervid activity levels – Canada’s resale real estate market should see only modest price and unit sales corrections take place across the country during 2009. Both national average house prices and the number of homes sold is expected to decline this year, according to the Royal LePage 2009 Market Survey Forecast released today.
Nationally, average house prices are forecast to dip by 3.0 per cent from last year to $295,000, while transactions are projected to fall to 416,000 (–3.5 %) unit sales in 2009. In spite of this cooling trend on a national level, price and activity gains are anticipated in some provinces.
Emotional reaction to recent economic and political instability did much to dampen consumer confidence during the latter part of 2008, causing a marked slowdown in house sales activity. However, as a more rational understanding of the issues gains ground, together with a wide range of announced corrective measures, consumer confidence is anticipated to recover, prompting real estate activity to pick up once again in the latter half of 2009. Further, Canada in 2009 enjoys a stronger economic foundation than most countries and that should temper the housing market correction. The combination of low inflation, reasonable employment levels and improving housing affordability, driven in part by low mortgage rates, are anticipated to stimulate demand in the coming months.
"While Canada's housing market is anticipated to continue to move through a period of adjustment over the next six months, we should expect modestly lower home prices, not a U.S.-style collapse, which was brought on by a structural failure of the entire American credit system," said Phil Soper, president and chief executive of Royal LePage Real Estate Services. "Most consumers are not aware that nationally, Canadian housing market activity peaked in 2007 and has been adjusting lower since. We are well into this inevitable cyclical correction.”
Added Soper: "While a grey cloud hangs over some markets, the sky is not falling. In recent years, Canada has been a difficult place to be a purchaser of real estate, particularly for first-time buyers. When real estate markets correct, inventory levels rise, providing buyers choices instead of frustrating bidding wars. In 2009, appropriately-priced homes will still sell for fair value."
The housing market is expected to perform quite differently from region to region across the country. In many mid-sized cities where home prices remain below the national average, such as Regina and Winnipeg, prices are expected to increase moderately through 2009, as home ownership remains particularly affordable. The most significant price decreases are forecast for Canada’s most expensive city, Vancouver, which has experienced above average price increases for most of the decade. The correction is a natural cyclical reaction to an extended period of high price appreciation. Vancouver’s fundamentals, including growing population figures and the positive economic spinoffs expected from the 2010 Olympics, remain very positive.
Observed Soper: “For several years, Vancouver experienced aggressive price run-ups in response to overwhelming levels of demand – conditions, which eventually reached a tipping point. While buyers will be acquiring properties for less in 2009, it is important to note that prices are coming down from all-time record levels.”
Secondary Ontario markets heavily populated by people working in the manufacturing sectors are also anticipated to experience greater than average declines in house prices and activity levels in 2009. In contrast, real estate in Montreal and Ottawa is poised to remain stable, with average house prices relatively flat through 2009.
After moving through a period of correction that started in 2007, well before other regions in the country, both Calgary and Edmonton’s housing markets are anticipated to return to a growth state later in 2009, characterized by stable average house prices and increased unit sales. Despite slowdowns and delay with some major energy projects, Alberta’s economy remains one of the strongest in Canada.
Looking east, Halifax’s real estate market is expected to experience very modest price appreciation through 2009. After experiencing strong price increases over the last year and a half, the market has hit its capacity for absorbing rising prices and activity levels. The city’s diversified array of industries is expected to bolster the economy and continue to create solid employment opportunities, stabilizing home values.
Canadians have been confused and justifiably skeptical of the efforts of the worlds’ central banks and governments to combat the global economic crisis. There is broad belief, however, that Canada’s financial house is in better shape than many peer countries, particularly the U.S. While the federal and most provincial governments have been slow to implement economic stimulus packages, they enjoy broad public support in principle. Together with the actions taken by the Bank of Canada, the positive impact on consumer confidence stemming from infrastructure spending announcements and other stimulus programs is expected to be significant.
Concluded Soper: “We believe that the Canadian economy will struggle early in 2009, but that conditions will progress continually throughout the year. Improving credit markets, the stimulative impact from a weaker Canadian dollar, together with the implementation of large fiscal stimulus initiatives, set the stage for a return to growth in the second half of 2009.”
Economic Factors Impacting 2009 Forecast
Global Economic WoesNo country is impervious to the current economic woes being felt around the world. The poor performance of the equity markets and the constant stream of pessimistic economic news had a very negative impact on housing activity in Canada in 2008. Consumer confidence is expected to slowly recover during 2009 as the impact of the many corrective actions introduced and announced takes root.
Tempered, but continued growth in emerging economies, particularly China, India and Brazil, should mitigate the downside risk to Canadian commodity exporters.
Foreclosure Figures in CanadaForeclosure rates in Canada are expected to increase, but remain very limited, especially when compared to the U.S. experience, where a broad structural failure of the credit system occurred. Canada’s relatively insignificant subprime market, and in turn, the low number of Canadians contractually committed to very risky mortgages, should result in a foreclosure rate of insufficient volume to impact house prices or transaction activity.
Employment RatesAcross the country, employment rates are expected to erode somewhat in 2009, but remain at long-term healthy levels. Some areas in Ontario, and to a lesser extent Quebec, that have high levels of manufacturing jobs, may experience greater than national average unemployment. Areas in Alberta tied to the energy sector may see short-term employment declines, but the province’s tight overall labour market is expected to mitigate the downside.
Interest RatesThe Bank of Canada’s overnight target-lending rate, already at very low levels, is expected to be reduced again early in 2009. This should bode well for home buyers in 2009 as loosening credit spreads allow banks to offer more aggressively priced mortgages
Friday, February 27, 2009
How will the new Green Energy Act affect you?
Ontario Home sellers face $300 'green' audit
Ontario residents won't be able to sell their houses or condos without first getting a home energy audit which now costs about $300 under the proposed new Green Energy Act. That's one of several measures in the legislation unveiled by Energy Minister George Smitherman to boost incentives for electricity conservation and encourage renewable sources of energy.The legislation was applauded by environmentalists as ambitious, although the David Suzuki Foundation says its green intent is undermined by government plans to build a new nuclear power plant at Darlington.But critics fear the energy audits and Smitherman's estimated 1 per cent rise in household electricity bills as a result of the law will pinch pocketbooks as the recession deepens."It'll be used to beat down the seller of a home," Progressive Conservative MPP and energy critic John Yakabuski warned of the audit, which would put detailed information on a home's energy efficiency into the hands of buyers.Toronto homeowners are already concerned about the impact the city's new land transfer tax in addition to the provincial one is having on sales and prices. Both taxes add up to thousands of dollars even on cheaper houses.As for higher electricity prices, Smitherman promised measures to help low-income families but said anyone thinking prices will fall is mistaken as governments around the world try to curb greenhouse gases that cause global warming."Most people expect that electricity prices will be going up," he told a news conference, adding that there are incentives and government aid under the act to help homeowners improve their energy conservation efforts.While homeowners will have to get a private contractor to do an energy audit before selling, there will be no requirement to take any action the measure is simply intended to inform potential buyers what state of energy efficiency a property is in so they can take action if desired. But New Democrat MPP and energy critic Peter Tabuns (Toronto-Danforth) said the act which will also update the provincial building code to require new buildings to be more efficient and require higher efficiency standards for appliances just doesn't go far enough. What we've seen today is still too timid compared to what we need in Ontario," Tabuns said, citing as an example that Portugal now requires solar systems in new houses. The higher cost on electricity bills and many of the 50,000 jobs that the government claims the act will create over three years will stem initially from a $5 billion investment to improve the electricity transmission and distribution grid. Smitherman's plan is to modernize it so homeowners, for example, can put solar panels on their rooftops and sell any excess power they don't need back into the system at a price yet to be determined, making the grid a "two-way street." Utilities such as Toronto Hydro will undertake that work under ministerial directives to be issued soon, Smitherman said. Government programs, still in the developmental stages, would provide low-interest or no-interest loans to help homeowners pay for the solar, thermal, ground source heat pumps and micro-wind energy systems that will be promoted under the act, which still requires a vote of the Legislature this spring. February 24, 2009-Toronto Star
Ontario residents won't be able to sell their houses or condos without first getting a home energy audit which now costs about $300 under the proposed new Green Energy Act. That's one of several measures in the legislation unveiled by Energy Minister George Smitherman to boost incentives for electricity conservation and encourage renewable sources of energy.The legislation was applauded by environmentalists as ambitious, although the David Suzuki Foundation says its green intent is undermined by government plans to build a new nuclear power plant at Darlington.But critics fear the energy audits and Smitherman's estimated 1 per cent rise in household electricity bills as a result of the law will pinch pocketbooks as the recession deepens."It'll be used to beat down the seller of a home," Progressive Conservative MPP and energy critic John Yakabuski warned of the audit, which would put detailed information on a home's energy efficiency into the hands of buyers.Toronto homeowners are already concerned about the impact the city's new land transfer tax in addition to the provincial one is having on sales and prices. Both taxes add up to thousands of dollars even on cheaper houses.As for higher electricity prices, Smitherman promised measures to help low-income families but said anyone thinking prices will fall is mistaken as governments around the world try to curb greenhouse gases that cause global warming."Most people expect that electricity prices will be going up," he told a news conference, adding that there are incentives and government aid under the act to help homeowners improve their energy conservation efforts.While homeowners will have to get a private contractor to do an energy audit before selling, there will be no requirement to take any action the measure is simply intended to inform potential buyers what state of energy efficiency a property is in so they can take action if desired. But New Democrat MPP and energy critic Peter Tabuns (Toronto-Danforth) said the act which will also update the provincial building code to require new buildings to be more efficient and require higher efficiency standards for appliances just doesn't go far enough. What we've seen today is still too timid compared to what we need in Ontario," Tabuns said, citing as an example that Portugal now requires solar systems in new houses. The higher cost on electricity bills and many of the 50,000 jobs that the government claims the act will create over three years will stem initially from a $5 billion investment to improve the electricity transmission and distribution grid. Smitherman's plan is to modernize it so homeowners, for example, can put solar panels on their rooftops and sell any excess power they don't need back into the system at a price yet to be determined, making the grid a "two-way street." Utilities such as Toronto Hydro will undertake that work under ministerial directives to be issued soon, Smitherman said. Government programs, still in the developmental stages, would provide low-interest or no-interest loans to help homeowners pay for the solar, thermal, ground source heat pumps and micro-wind energy systems that will be promoted under the act, which still requires a vote of the Legislature this spring. February 24, 2009-Toronto Star
Wednesday, February 25, 2009
Home renovations....the Government gives back
Home renovations are smart investments in
the long term value of a home and also create
economic activity by increasing the demand for
labour, building materials and other goods. Renovations
can also reduce energy consumption and the long-term
cost of owning a home.
To provide some $3 billion of much-needed fiscal stimulus
and encourage investments in Canada’s housing stock,
Budget 2009 proposes to implement a temporary
Home Renovation Tax Credit (HRTC).
Temporary, Timely and
Targeted Stimulus
The HRTC will apply to eligible home renovation
expenditures for work performed, or goods acquired,
after January 27, 2009 and before February 1, 2010,
pursuant to agreements entered into after January 27, 2009.
The temporary nature of the credit will provide an immediate
incentive for Canadians to undertake new renovations
or accelerate planned projects.
The HRTC can be claimed for renovations and enduring
alterations to a dwelling, or the land on which it sits.
How the HRTC Will Work
The 15-per-cent credit may be claimed on the portion
of eligible expenditures exceeding $1,000, but not more
than $10,000, meaning that the maximum tax credit that
can be received is $1,350.
The Home Renovation
Tax Credit
The credit can be claimed on eligible expenditures incurred
on one or more of an individual’s eligible dwellings.
Properties eligible for the HRTC include houses, cottages
and condominium units that are owned for personal use.
Renovation costs for projects such as finishing a basement
or re-modelling a kitchen will be eligible for the credit,
along with associated expenses such as building permits,
professional services, equipment rentals and
incidental expenses.
Routine repairs and maintenance will not qualify for the
credit. Nor will the cost of purchasing furniture, appliances,
audio-visual electronics or construction equipment.
Who Can Claim the HRTC?
About 4.6 million families in Canada are expected to benefit
from the credit.
Taxpayers can claim the HRTC when filing their
2009 tax return.
Eligibility for the HRTC will be family-based. For the purpose
of the credit, a family is generally considered to consist of
an individual, and where applicable, the individual’s spouse
or common-law partner.
Family members will be able to share the credit.
BUDGET 2009
JANUARY 27, 2009
Examples of the Benefits of the
Home Renovation Tax Credit
The following examples illustrate how
homeowners can benefit from the HRTC
• 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, instead of
waiting, incurring $10,000 in expenditures. 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.
•William and Marie are a couple who are planning
to purchase a more energy-efficient furnace for their
home, and build a deck at their cottage sometime
later. To take full advantage of the temporary HRTC,
they decide to do both projects in 2009 rather than
waiting. They pay $5,000 for the furnace and
$3,500 for the deck. They also decide to have the area
around the deck landscaped for $2,500, bringing their
total costs to $11,000 ($5,000 + $3,500 + $2,500).
Marie claims a credit of $1,350 on the maximum
allowable amount of $9,000.
• 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).
CANADA’S ECONOMIC ACTION PLAN BUDGET 2009
How Can I Get More Information?
Additional information on the Home Renovation Tax Credit
will soon be available on Canada Revenue Agency’s website
at (www.cra.gc.ca).
Information is also available at www.fin.gc.ca
Copies of this brochure are available from
the Department of Finance or Service Canada:
Department of Finance Canada
Distribution Centre
Room P-135, West Tower
300 Laurier Avenue West
Ottawa, Ontario K1A 0G5
Phone: 613-995-2855
Fax: 613-996-0518
Service Canada
1-800 O-Canada (1-800-622-6232)
1-800-926-9105 (TTY)
E-mail: services-distribution@fin.gc.ca
Ce document est également offert en français.
Examples of HRTC Eligible
and Ineligible Expenditures
Eligible
• Renovating a kitchen, bathroom, or basement
• New carpet or hardwood floors
• Building an addition, deck, fence or retaining wall
• A new furnace or water heater
• Painting the interior or exterior of a house
• Resurfacing a driveway
• Laying new sod
Ineligible
• Furniture and appliances (refrigerator, stove, couch)
• Purchase of tools
• Carpet cleaning
• Maintenance contracts (furnace cleaning, snow
removal, lawn care, pool cleaning, etc.)
the long term value of a home and also create
economic activity by increasing the demand for
labour, building materials and other goods. Renovations
can also reduce energy consumption and the long-term
cost of owning a home.
To provide some $3 billion of much-needed fiscal stimulus
and encourage investments in Canada’s housing stock,
Budget 2009 proposes to implement a temporary
Home Renovation Tax Credit (HRTC).
Temporary, Timely and
Targeted Stimulus
The HRTC will apply to eligible home renovation
expenditures for work performed, or goods acquired,
after January 27, 2009 and before February 1, 2010,
pursuant to agreements entered into after January 27, 2009.
The temporary nature of the credit will provide an immediate
incentive for Canadians to undertake new renovations
or accelerate planned projects.
The HRTC can be claimed for renovations and enduring
alterations to a dwelling, or the land on which it sits.
How the HRTC Will Work
The 15-per-cent credit may be claimed on the portion
of eligible expenditures exceeding $1,000, but not more
than $10,000, meaning that the maximum tax credit that
can be received is $1,350.
The Home Renovation
Tax Credit
The credit can be claimed on eligible expenditures incurred
on one or more of an individual’s eligible dwellings.
Properties eligible for the HRTC include houses, cottages
and condominium units that are owned for personal use.
Renovation costs for projects such as finishing a basement
or re-modelling a kitchen will be eligible for the credit,
along with associated expenses such as building permits,
professional services, equipment rentals and
incidental expenses.
Routine repairs and maintenance will not qualify for the
credit. Nor will the cost of purchasing furniture, appliances,
audio-visual electronics or construction equipment.
Who Can Claim the HRTC?
About 4.6 million families in Canada are expected to benefit
from the credit.
Taxpayers can claim the HRTC when filing their
2009 tax return.
Eligibility for the HRTC will be family-based. For the purpose
of the credit, a family is generally considered to consist of
an individual, and where applicable, the individual’s spouse
or common-law partner.
Family members will be able to share the credit.
BUDGET 2009
JANUARY 27, 2009
Examples of the Benefits of the
Home Renovation Tax Credit
The following examples illustrate how
homeowners can benefit from the HRTC
• 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, instead of
waiting, incurring $10,000 in expenditures. 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.
•William and Marie are a couple who are planning
to purchase a more energy-efficient furnace for their
home, and build a deck at their cottage sometime
later. To take full advantage of the temporary HRTC,
they decide to do both projects in 2009 rather than
waiting. They pay $5,000 for the furnace and
$3,500 for the deck. They also decide to have the area
around the deck landscaped for $2,500, bringing their
total costs to $11,000 ($5,000 + $3,500 + $2,500).
Marie claims a credit of $1,350 on the maximum
allowable amount of $9,000.
• 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).
CANADA’S ECONOMIC ACTION PLAN BUDGET 2009
How Can I Get More Information?
Additional information on the Home Renovation Tax Credit
will soon be available on Canada Revenue Agency’s website
at (www.cra.gc.ca).
Information is also available at www.fin.gc.ca
Copies of this brochure are available from
the Department of Finance or Service Canada:
Department of Finance Canada
Distribution Centre
Room P-135, West Tower
300 Laurier Avenue West
Ottawa, Ontario K1A 0G5
Phone: 613-995-2855
Fax: 613-996-0518
Service Canada
1-800 O-Canada (1-800-622-6232)
1-800-926-9105 (TTY)
E-mail: services-distribution@fin.gc.ca
Ce document est également offert en français.
Examples of HRTC Eligible
and Ineligible Expenditures
Eligible
• Renovating a kitchen, bathroom, or basement
• New carpet or hardwood floors
• Building an addition, deck, fence or retaining wall
• A new furnace or water heater
• Painting the interior or exterior of a house
• Resurfacing a driveway
• Laying new sod
Ineligible
• Furniture and appliances (refrigerator, stove, couch)
• Purchase of tools
• Carpet cleaning
• Maintenance contracts (furnace cleaning, snow
removal, lawn care, pool cleaning, etc.)
Tuesday, February 24, 2009
RetroFoam Insulation - Health Canada Advisory
In the past 18 months, approximately 700 homes in Ontario have been insulated by RetroFoam Canada with a banned formaldehyde-based product. Health Canada's advisory on RetroFoam Insulation provides information for homeowners including a number to call to arrange for Government support to have their air quality tested.
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