Thursday, March 5, 2009

Home Renovation Tax Credit Update

In a recent conversation with Henry Kordowski Tax Accountant (he) brought to my attention the fact that condominium owners are also eligible for the Home Renovation Tax Credit.

The units, condominium suites, in older buildings will have a component from the maintenance fees that are allocated to capital improvement and renovations.

So.. In fact, the maintenance fees that are applicable to the inprovement portion would thereby become deductible.

"When preparing the tax returns, Condominium owners may not realise they are entitled to deduct a portion of the maintenance fees, into bnext years tax return." Henry Kordowski said in a recent interview.

Henry Kordowski is a Tax Accountant in the Bloor west Village neighbourhood and may be contacted at 416 767 7554

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