New property listed in Mount Pleasant VE, Vancouver East
I have listed a new property at 2205 120 MILROSS AVE in Vancouver.
One of the most BREATHTAKING PANORAMIC WATER & CITY VIEWS in Vancouver! This stunning renovated, contemporary home features an open floor plan w/floor to ceiling windows that capture amazing UNOBSTRUCTED views of False Creek, Olympic Village and Vancouver's stunning downtown skyline. Recently renovated w/new engineered hardwood flooring, Italian contemporary tiles, brand new roller shades, bathrooms updated with granite countertops, vessel sinks & new plumbing fixtures throughout. Entertain on the spacious UNCOVERED balcony that is one of the largest within the building and of all the 05 plan. This home is centrally located next to the SE False Creek seawall and is exceptionally priced in comparison to surrounding properties.
March 13th, 2009
The Home Renovation Tax Credit (HRTC)
· Implemented in the 2009 Federal Government Budget
· Is a non-refundable tax credit for work performed or goods acquired in respect to an Eligible dwelling?
· An Eligible Dwelling is one’s principal residence, a cottage or summer home occupied personally.
· A property you own that family members reside in during the time period from January 27th, 2009 to February 1st, 2010.
· Eligibility is family based. A family is an individual and his/her spouse/common law partner including children less than 18 years of age by the end of 2009.
· If 2 or more families own and occupy the same residence, then both families will be eligible for their own separate tax credit.
· Eligible expenses must fall between $1,000 and $10,000. The maximum tax credit is $1,350 (15% of $9,000).
· The Tax Credit is ONLY for the 2009 Taxation year.
What Qualifies as an Eligible Expense?
· Expenses incurred with respect to a renovation must be of an enduring nature and integral to the home.
· This includes cost of labor, professional services, building materials, fixtures, rentals and permits.
· You MUST have documentation to prove this. Agreements, Contracts, Invoices, or Receipts.
· The type and quantity of goods purchased or services received must be listed.
· The Contractor’s name, business address, gst/hst registration number as well as the address where the work was performed must be on the Documentation.
· Proof of Payment must be noted as well.
· Renovations to a Kitchen, Bathroom or Basement. *(appliances are not eligible nor is renovations to a tenanted basement suite in your principal residence)*
· New Carpets or Hardwood Flooring.
· Building of an addition, garage, deck, shed or fence.
· Painting of the exterior and interior of your homeRe-shingling of a roof.
· A new furnace, woodstove, boiler or water heater.
· A new driveway or the re-surfacing of an existing one.
· Laying of new sod.
· Swimming pools both in ground and above.
· Costs of permits, equipment rentals and incidental expenses related to the renovation.
· *If you own a condo and a special levy is approved for the upgrading of a Common Area and a special assessment is passed for this levy, you would be eligible for a tax credit based on your unit entitlement.* Please check with your Strata Management Company, Accountant and Lawyer for specifics.
· Expenses are not eligible if the work performed or the goods acquired are provided by a person not dealing at arm’s length. For example, if your brother-in-law helps you re-shingle your roof and is not registered with gst/hst and you pay him in cash or cheque, then you can’t claim the expenses.
· Renovations that qualify for the Medical Expense Tax Credit (METC) is an eligible expense and one can claim both the (HRTC) & (METC).
· Eligible expenses will not be reduced by other qualifying Government grants or Tax Credits.
Please note that the above information is just a guideline and for complete details or information, please contact the CRA Canada Revenue Agency, www.cra-arc.gc.ca or speak to your Accountant prior to renovating.
If you or anyone you know are thinking about Selling and wish to renovate prior to doing so, please call me for a no obligation consultation of which renovations will increase the property’s value more than others. Also, should you hear of anyone thinking of buying or selling real estate, please keep me in mind as I am never too busy for any of your referrals!
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Not intended to Solicit Properties Already Listed for Sale.