Home Renovation Tax Credit
When filing your 2009 Income Tax Return, don't forget about the Home Renovation Tax Credit! This is the tax credit for any work performed, or goods acquired, after January 27, 2009, and before February 1, 2010. You can claim the HRTC when filing your 2009 tax return.
The HRTC is a 15% non-refundable tax credit that you can claim on eligible expenditures of more than $1,000 but not more than $10,000. The maximum non-refundable tax credit you can claim is $1,350.
Examples of eligible expenses:
- Renovating a kitchen, bathroom, or basement
- New carpet
- New hardwood floors
- Re-shingling a roof
- A new furnace, wood stove, boiler, fireplace, water softener, or water heater
- A new driveway
- Laying new sod
- Permanent swimming pools
- Building an addition, garage, deck, fence, shed
- Costs for permits, equipment rentals, professional services
Examples of ineligible expenses:
- Furniture, appliances, audio and visual electronics
- Carpet cleaning
- Purchasing of tools
- Financing costs
- Snow removal, pool cleaning and other maintenance contracts
Hopefully the government extends this popular credit for another year when they announce the March 2010 budget. To read about this tax credit and other credits, see the 2009 edition of Smart Tax Tips: Winning Strategies to Reduce Your Taxes.
Natural Resources Canada has also introduced a program to cover the cost of making energy-efficiency retrofits to homes with ecoEnergy Retrofit grants and incentives.
2 thoughts on “Home Renovation Tax Credit”
With various tips and the helping hand of technology, we can’tackle now home improvement by ourselves, and leaving the tougher jobs to the professionals, due to their extensive knowledge of the craft, in which back then, it was an unthinkable thing to do it ourselves.
Thanks for sharing this article! These considerations for home renovation tax credit must be put in hand. It’s very important to prioritize tax obligations. However, locations matter so as with the management.