The clock is ticking!!!
This program by the Federal Government runs from January 27th 2009 to February 1st 2010 and is a tax credit of up to $1350. The formula is 15% of what you spend but the amount must be over $1,000 and under $10,000. I am no accountant but how it works is if you spend $5,000 on eligible expense, when you submit your income tax you claim a credit of $600. ($5000 - $1000 x 15% equals $600) All the detailed information is available on the government web site which I have created a link to as follows:
The key aspects are that an eligible dwelling can be your home, cottage or even a condominium. The improvements must be made to personal use areas of the dwelling, you can't include expenses that were paid to a family member but you can include expenses that were paid to a contract. The total expenses are per household but can be divided between household partners and the expenses must be over $1,000 and under $10,000.
What are my expense claims? I have installed a new patio so that expense is allowed. I did it myself so I can only claim the cost of materials. I have purchased building materials to do some work in my basement so those expenses will be allowed and I have purchased some window coverings, light fixtures and central air conditioning. All of these expenses are allowed. However, I have just purchased a new TV and this expense is not allowed.
A new line will be on the personal income tax form to submit your credit. Just make sure the expense is made before February 1st 2010.
Good luck and happy shopping!