Canada Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Poll: HRTC items last minute?
Did anybody else leave purchasing items for the Home Renovation Tax Credit until the last minute? What? When are you planning on shopping?
Re: Poll: HRTC items last minute?
We're planning on buying paint for our front entrance, basement bathroom and upstairs media room... putting it off because haven't decided on paint colours, lol.... We also want 3 new toilets! Putting it off because we decided on a make/model but then realized the handle is on the wrong side of the tank for our set-up.. haha. We'll hopefully buy the toilets this weekend, and maybe pick up the paint mid-next-week (hopefully not as busy during the week).
In most places you can buy the paint and store it at home until you need it tinted. Worth a thought if you haven't decided on colours yet.
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Yeah I could do that, but different colours have different bases (pastel base, white base, medium base), and we would be using different types of paint in different rooms (especially the bathroom) so may as well just figured it out... I have swatches all over my house!
Oh crap, where do I even begin?
We started a fullllll bathroom reno at the very end of January, so since then we've bought:
-2 toilets (replacing the upstairs one too, it's ancient, and tiny)
-10 8x4 sheets of OSB (plywood)
-30 2x4's
-2400 drywall screws
-4000 framing nails
-3000 flooring screws
-20 sheets of drywall
-2 bags of Roxul (insulation)
-200 ft^2 of Ditra
-1 50 lb bag of marble mortar
-1 50 lb bag of thinset
-pocket door frame
-door and hardware for pocket door
-plus much much more.
I seriously feel like Home Depot is our second home. Oh, and Canadian tire. 'Cause it's closer. We've still got a bunch of stuff to buy in the next week and a half (sink, vanity, counter top) so buh-bye paycheque!
We'll just not tell H about this little fact, m'kay?
Oooh thanks for this post. I had no idea paint was included...
:: running off to the store
I am not sure about the before/after taxes... however the rebate does not apply on the first $1000, so even if you submit $1001 in home renovations, you will only get the rebate on $1.
Yeah, sorry, I should have been more clear and now I realize my question doesn't make sense. I've already accounted, and in my mind, dismissed the first invoice $1000....I was trying to see if it'd put us over $2000 but now I'm realizing that as long as it's over $1000, it works out.
That is the thing that sucks about this. I think that they were misleading in how the whole program works and how much people will really get back. Even if you spend the whole $10K it is not that much that you will be getting back (not as much as they made it out to be).
hmm well I didn't find it misleading but I did look into it, and didn't really pay attn to the commercials. Since we bought a tankless water heater, 2/3 of that counts and then anything else we buy counts... but 15% of any item over $1000 up to $10000 is a maximum of $1350, but it's better than nothing if you're going to buy it anyway!
For some reason I think there is more to it than that. I think your tax bracket comes into play and then the 15% comes in. I can't remember which way was the wrong way (based on the misleading commercials)
I think that is why all the examples online say "the maximum rebate would be xyz". If they have listed how much is applicable and taken 15% of that then why would they use the word maximum. Why not just say 'hey if you spent $7600 in eligible expenses then your rebate is going to be $1140'
::off to read::
Check out the examples
http://www.cra-arc.gc.ca/tx/ndvdls/sgmnts/hmwnr/hrtc/xmpl-eng.html
Sounds like the 15% of what is eligble is then applied somehow to your overal tax and then further calculations are done on it. Meaning that you won't get the 15% as cash money, it is further sliced and diced as you do the rest of your taxes.
oh wow, that sucks, very misleading if that is the case. If we get only 2% back or some baloney, that will be very annoying, because the rebate would make or break the case for purchasing the tankless water heater....
ETA: looks like that will only be the case if your tax credits (personal exemption + HRTC) would outweigh how much taxes you paid this year.... which is not about to happen for me because I worked all of last year!