Home renovations can transform your space, but they can also impact your finances. Keeping track of your home renovation costs is not just about budgeting—it can save you money during tax season too. If your renovations qualify for tax deductions or credits, such as energy-efficient upgrades, having organized receipts and invoices ensures you’re ready to claim them. Use a digital app or a simple spreadsheet to log every expense, from contractor fees to materials.
Don’t stop at expenses! Record your paint colours, swatches, and brands. It’s easy to forget the exact shade used in the living room when a touch-up is needed years later. Create a dedicated folder—physical or digital—where you can keep paint samples, purchase receipts, and application details (e.g., number of coats, date applied).
By organizing both financial and aesthetic details, you’ll reduce stress down the road. Whether it’s filing your taxes or matching that perfect wall colour, future-you will thank you for the effort. Investing a little time in tracking today will save you money, time, and headaches tomorrow.
Learn more about what qualifies for a tax deduction when it comes to home renovations from this article: Home Renovations Tax Credit in Canada | National Bank
In Ontario, you may be eligible for up to $2,500 in home renovation tax credits (check with your accountant for more details) so that if you want help with updating your home, reach out to Neil from Kitchener Waterloo Painters. He’s been serving homeowners in the Waterloo Region for more than 15 years. Check out his portfolio of painting jobs.