More than 80 per cent of Canadian homeowners admit they know little to nothing about the new Home Renovation Tax Credit that could result in tax savings up to $1,350.

A poll by Angus Reid Strategies released Wednesday also showed 98 per cent of homeowners are unaware of the Feb. 1, 2010 deadline for claiming their renovations.

The non-refundable tax credit was introduced in the 2009 federal budget. It is for work performed on or goods acquired for the renovation of owned, personal dwellings. To qualify, a family must spend at least $1,000 on home renovations, up to a maximum of $10,000.

The survey also showed that only 20 per cent of Canadian homeowners understood that condo owners can apply their share of the cost of a renovation of the common areas in their building; 56 per cent didn’t realize replacing the windows in the family cottage would be eligible; and Alberta homeowners scored the highest when asked what types of projects were covered by the tax credit.