Time’s Running Out for Your Home Renovation Tax Credit

If you have been thinking about renovating your Mississauga Home, time is running out. The  Home Renovation Tax Credit (HRTC) will provide a temporary 15 per cent income tax credit on eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010. The credit may be claimed for the 2009 taxation year on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, and will provide up to $1,350 in tax relief.

For more information on all of the home ownership and housing related stimulus in Budget 2009, go to http://www.budget.gc.ca/2009/plan/bpa5a-eng.asp#Personal or to the Canada Revenue Agency Web site at www.cra-arc.gc.ca and search for “Home Buyers Plan.”

What’s eligible and what’s not for the Home Renovation Tax Credit?
The federal government hopes the Home Renovation Tax Credit (HRTC) will get Canadians spending now to help create jobs in industries typically hurt by an economic downturn.  Now through January 31, 2010, homeowners can claim a tax credit for 15 per cent of renovation expenses between $1,000 and $10,000. Here’s a sample of what qualifies under the program and what does not.

Eligible

  • renovating a kitchen, bathroom or basement
  • new carpet or hardwood floors
  • building an addition, deck, fence or retaining wall
  • a new furnace or water heater
  • painting the interior or exterior of a house
  • resurfacing a driveway
  • laying new sod

Ineligible

  • purchase of furniture and appliances (e.g. refrigerator, stove, and couch)
  • purchase of tools
  • carpet cleaning
  • maintenance contracts (e.g. furnace cleaning, snow removal, lawn care, and pool cleaning)
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