Canadian Home Renovation Tax Credit

I keep hearing discussions about the Canadian renovation tax credit and people seem a little confused about how it works. Here’s some information from the Fraser Valley Real Estate Board and the Canadian Government:

“A temporary 15% tax credit would be made available for eligible renovations and enduring alterations made to a dwelling after January 27, 2009 and before February 1, 2010. Eligible renovations are those valued at over $1,000 but not more than $10,000. Click here for a brochure.”