Home Renovation Tax Credit (HRTC)
Here’s some good news from the federal government with respect to their proposed budget. They are proposing a temporary renovation tax credit for 2009. Now this might not affect a lot of people, but for folks like myself that intended on spending money on building materials or services this is a nice little perk.
Here are the details from the Department of Finance Canada
The HRTC will apply to eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009.
The 15-per-cent credit may be claimed on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, meaning that the maximum tax credit that can be received is $1,350.
The credit can be claimed on eligible expenditures incurred on one or more of an individual’s eligible dwellings. Properties eligible for the HRTC include houses, cottages and condominium units that are owned for personal use.
Renovation costs for projects such as finishing a basement or re-modelling a kitchen will be eligible for the credit, along with associated expenses such as building permits, professional services, equipment rentals and incidental expenses.
Routine repairs and maintenance will not qualify for the credit. Nor will the cost of purchasing furniture, appliances, audio-visual electronics or construction equipment.
Taxpayers can claim the HRTC when filing their 2009 tax return.
Great blog. and thanks for the wonderful info. It will make doing some work around here a bonus
very useful blog..keep it up dear
Not that I can benefit from that, although - any good news sounds good to me and any tax break is appreciated - keep spreading the word about positive changes!!
ACTUALLY, IT’S VERY IMPORTANT TO KNOW ABOUT THESE THEMES. CONGRATULLATIONS FOR YOUR PUBLIC SERVICE
Good information about the credit. Free money is always a good thing, for the people that take it anyway.
Yeah my husband and I never were able to do anything to our home this year because we were not fortunate to have the extra money. So we missed out on this tax credit