Thinking of renovating? Dimensions Doors, ENERGY STAR certified, may probably allow you to be eligible for financial assistance.

In fact, both levels of government announced, in January, the availability of renovation tax credits to homeowners in order to stimulate the economy. Overall, the Federal plan may apply to labour as well as solely to materials, whereas with the Government of Quebec, the invoice must include installation by a qualified contractor. Note that in both cases, labour costs may be cumulated. Thus, if you have your doors and windows replaced by contractor A and your roof by contractor B, the total labour costs will be considered in establishing the amount to be credited.

Please refer to your accountant for details regarding eligibility of renovations/amounts; information herewith are solely for your information.

At the Federal level:

The home renovation tax credits consist in offering, over a one-year period, a temporary 15% fiscal credit pertaining to eligible home renovation expenses for work done or materials purchased between January 27, 2009 and February 1, 2010. Said credit may be claimed for eligible expenses over $1,000, but not in excess of $10,000 (limiting federal assistance to $1,350).

The tax credit may be applied to a second home or other residential property. The tax credit is nonrefundable.

At the Provincial level:

Expenses must exceed $7,500 and only the excess is eligible for a 20% tax credit, up to a maximum of $20,000 (limiting provincial assistance to $2,500).

Owners of a single-family dwelling, duplex, triplex, mobile home or condominium can benefit from the tax credits. Second homes are excluded.

Renovation work must be carried out by qualified contractors. Expenses must be incurred prior to December 31, 2009. The tax credit is refundable.

For further information concerning eligible works and procedural requirements, please refer to the following Web sites: http://www.budget.gc.ca/2009/pamphlet-depliant/pamphlet-depliant3-eng.asp.