How Much Should That Renovation Cost? How To Find Out If You're Getting Ripped Off

The idea: inform you of what you should expect before you sign on the dotted line.

"We tend to get calls after the fact ... We want to encourage people to call before," Michaels explains. "This launch is a more proactive approach to educate our consumers."

Homeowners can check up on a number of jobs including carpentry, plumbing and roofing. The new initiative hopes to ensure you know exactly how long a job should take - and at what cost - before entering into a contract.

Project Fix It will continue until Labour Day weekend. But you'll be able to continue to call after that date if you have any questions concerning future renovations. Want to know more? Call (416) 392-3082 for additional info.

A checklist when you're renovating:

• Check with Toronto Building to determine if a construction permit is required for the proposed renovation
• Get at least three quotations from licensed contractors
• Ask the contractors for their City of Toronto business license number and verify the information by calling (416) 392-6700
• Get references from other customers
• Enter into a written and signed contract
• Ensure that all work to be done (including site clean up) is clearly stated in the contract
• Ensure that the full price of the job is in the contract
• Pay the full amount at job completion or include a payment schedule in the contract (payments should correlate with the amount of work done by the contractor)
• Include in the contract the name of the company, the business address, phone number, a completion date, and a City of Toronto License number
• File a complaint if you come across illegal activity by calling (416) 392-3082 or e-mail the Municipal Licensing and Standards licensing mailbox at www.taxiline@toronto.ca.

List courtesy: City of Toronto

Renovation tax credit not yet approved: expert

View larger image Bob Whitelaw, a public policy consultant, speaks on CTV's Canada AM from Ottawa, Thursday, Aug. 6, 2009.

CTV.ca News Staff

Canadians planning to take advantage of the Home Renovation Tax Credit should know that it has not been passed into law, though one expert says it is almost a certainty that they will be able to file for it on their taxes.

The $3 billion program was introduced in January as an incentive that the government hoped would help stimulate the Canadian economy during the early days of the current recession.

The government estimated that as many as 4.6 million Canadian families would take advantage of the chance to complete home improvements, while saving up to $1,350 on their annual taxes.

Sales at home centers and hardware stores were up for the third consecutive month in May, suggesting that the incentive seems to be working.

But public policy consultant Bob Whitelaw told CTV's Canada AM that the HRTC technically cannot be claimed until it is approved by Parliament -- something that hasn't happened yet.

"This was introduced as part of the 2009-1010 budget in January, the credit is effective from January to next February, but subject to passing in the House of Commons and Parliament before you can really claim it on your taxes," he told CTV's Canada AM during an interview from Ottawa on Thursday morning.

And while Whitelaw believes it is highly unlikely that the tax credit will not go forward, Canadians should know that it has not been passed into law.

"Carry on with those expenditures, know that I'm sure our colleagues and people in government will be working diligently to pass this -- whatever party might be in power, within the next year -- so that it will be in effect...for the tax year," Whitelaw said.

The federal government has been heavily promoting the tax credit as part of its economic action plan, and only last week, Prime Minister Stephen Harper said "there has never been a better time to renovate your home," suggesting that the tax credit can help homeowners save on their taxes and increase the value of their homes.

Under the HRTC, homeowners can receive a non-refundable tax credit worth up to $1,350 depending on the expenses associated with eligible renovations or improvements made after Jan. 27, 2009 and before Feb. 1, 2010.

The renovations must be worth more than $1,000, but not more than $10,000, in order to qualify for the tax credit. Homeowners are required to provide receipts and appropriate documentation in order to claim it.

How much should Bathroom Renovation cost

In the long-run, your bathroom may no longer satisfy your needs. This can happen simply because the number of people living in your home may have increased. It may also be because the design is boring you that you no longer enjoy it. Or probably because it is almost on the point of crumbling down that you constantly experience problems when using it.

You can expect that this will happen to you. Your bathroom is just like any parts of your home. It could wear out eventually. When this time comes, you would have to resort to bathroom renovations. This turns your bathroom into a whole new facility while capturing your idea of comfort.

When you plan to renovate your bathroom, one of the most common questions that people ask is, "what is the cost?" It is quite understandable because renovation can be a major project that involves a lot of money. Some experts say that the typical cost of renovation would fall between 9,000 to 25,000 dollars. While others say it could cost around 12 to 15 grand for minor renovations; 15 to 20 grand for moderate changes; and up to 30 grand for top-quality renovations. However, there is no specific cost because there are different basis for pricing. Here are the bases:

1. The size of the bathroom- You need to know exactly how big your bathroom is. This will give you or your builder a clear estimate of the renovation based on its floor area or wall space. You may have to get an accurate measurement or a good estimate of your bathroom space to get a fairly accurate estimate.

2. The kind of materials used- You may be planning to replace the shower heads, sink, toilet, faucets and other stuff. If top quality materials will be used, expect the cost of renovation to rise. You also have to know what needs to be replaced as this can also impact the cost.

3. The complexity of your design- Some people may want to alter the surface of the bathroom. Tiles and walls may be replaced and new features may be added. This is inevitable especially when the walls are starting to rot or perhaps, the tiles begin to loosen up. When the overall layout of the room will be changed, it will also increase cost.

4. The contractor you hired- Different contractors have different estimates. To get the most economical deal, you need to get more than one estimate. You may have to shop around and find two or more reputable contractors. Pretty sure they will give you a copy of their written estimates.

Others would also think of renovating their bathrooms by themselves. This is a great idea because you can actualize what you have in mind for the design (given of course you know what you are doing). On top of that, the cost of renovation could also be cut down about 20 to 40 percent.

The cost of renovating your bathroom could really vary but it is controllable. Just make sure not to sacrifice the quality of materials just to lower the cost.