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FEDERAL GOVERNMENT HOME RENOVATION TAX CREDIT This is a great time to take advantage of the new Home Renovation Tax Credit to complete those renovations on your to do list. This is a one-year temporary income tax credit on renovations performed, or material purchased between January 27, 2009 and February 1st, 2010. This initiative is to help homeowners and homebuyers. Eligible expenses include renovating a kitchen, bathroom, new flooring, building an addition or deck, purchasing a new furnace or water heater (a great time to try out one of those hot water on demand systems that eliminate the large holding tanks), labour fees, building materials, fixtures & permit fees. Expenses must be for a principle residence or that of one or more of family members. Begin by saving all receipts for any home improvement projects you are currently working on. With low interest rates, store reductions & specials this is a great year to take on the upgrades necessary to your home. To get additional information on the Home Renovation Tax Credit you can visit the Canada Revenue Agency’s website at www.cra-arc.gc.ca Save on Heating Costs with a NEW Furnace, Hot Water Tank, Roof, Windows, Steel Doors & add value to your home’s resale value FINANCIAL ASSISTANCE FOR HOME REPAIRS Financial Assistance in the form of fully forgivable loans is being offered the Federal Government’s Home Adaptation Assistance programs. These forgivable loans do not have to be repaid if you agree to continue to own and live in your house during the earning period, which could be up to five years (the loan forgiveness period). The amount you could receive is based on the cost of mandatory repairs and the area in which you live. There are three programs applicable to Sandycove residents: RRAP: (Disabled) provides financial assistance for the modifications to an existing homeowner’s housing to improve the accessibility and use of the dwelling unit for occupants with disabilities i.e. wider doorways, ramps and increased space for wheelchairs. RRAP: (Homeowners) provides financial assistance in the form of a forgivable loan to owners of existing accommodations which need major repairs such as structural (framing, roofing, windows & doors), electrical, plumbing, heating and fire safety. HASI: provides assistance for Home Adaption for Senior’s Independence extending the time that low-income seniors can live independently in their homes. Assistance is available for home adaptations that include installations of handrails, easy to reach work & storage areas in the kitchen, lever handles on doors, walk-in showers with grab bars, bathtub grab bars & seats to name a few. The Federal Government has extended their Home Adaptation Assistance programs in 2009 through the Canada Mortgage & Housing Corporation to seniors and those living with disabilities To find out how to apply for financial assistance under these programs or to obtain additional information, call the following toll free number 1-800-704-6488 Any repairs carried out before the Homeowner is approved in writing are not eligible. |
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