Tuesdays Budget

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buckwheat1

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Nov 20, 2006
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are there any thaughts on the budget? $1300 tax credit for reno's I wonder if replacing a roof counts?
 
Sukdeep said:
Normal maintenance doesn't count, but improvements do. New roof would count.
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Sukdeep's got a good point. Patching a hole in a roof is repair. Replacing a roof is renovation.

EU
 
you would have to read the fine print in the program , roofs are generally considered a maintenace item, I think the wording might be specifically aimed at roofs.
 
If you change the type of shingles on the roof (colour or style) as well as the soffit and facia. It will definitely be a reno.
You will pay more than $1300, but hey, You get $1300 back and a new look to your house.
 
T.O.tourist said:
If you change the type of shingles on the roof (colour or style) as well as the soffit and facia. It will definitely be a reno.
You will pay more than $1300, but hey, You get $1300 back and a new look to your house.
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You don't get back $1300 you are taxed $1300 less. If you made 40,000 after the tax credit you will be taxed on $38,700.
 
big dogie said:
You don't get back $1300 you are taxed $1300 less. If you made 40,000 after the tax credit you will be taxed on $38,700.
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The amount is an actual reduction in taxes payable - not a deduction.

To get the maximum tax credit you would need to spend $10,000 on a renovation. The tax credit would be ($10,000 - $1000) X 15% = $1350.
 
big dogie said:
You don't get back $1300 you are taxed $1300 less. If you made 40,000 after the tax credit you will be taxed on $38,700.
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You are correct. That is what I meant to type, however my literacy seems to escaped me for the moment.
:)
 
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