Home Renovation Tax Credit
For complete details you can google CRA - home renovation tax credit
A great credit - for any one with an eligble project with work performed and goods aquirred that will after January 27th 2009 - before February 1 2010. A new line will be incorporated in the 2009 personal income tax return to allow you to claim the credit. Becareful to look over exactly who is eligble for work performed it has to be in relation to a renovation or alteration to an eligible dwelling (or the land that forms part of the eligible dwelling) must be of an enduring nature and integral to the dwelling, and includes the cost of labour and professional services, building materials, fixtures, rentals, and permits.
An eligible dwelling is a housing unit that is eligible to be an individual's principal residence or that of one or more of their family members, at any time between January 27, 2009 and February 1, 2010. In general, a housing unit is considered eligible to be an individual's principal residence where it is owned by the individual and ordinarily inhabited by the individual, the individual's spouse or common-law partner, or their children.
An eligible dwelling is a housing unit that is eligible to be an individual's principal residence or that of one or more of their family members, at any time between January 27, 2009 and February 1, 2010. In general, a housing unit is considered eligible to be an individual's principal residence where it is owned by the individual and ordinarily inhabited by the individual, the individual's spouse or common-law partner, or their children.
The credit will only be available for the 2009 tax year and applies to eligible expenditures of more than $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%).
An eligible dwelling is a housing unit that is eligible to be an individual's principal residence or that of one or more of their family members, at any time between January 27, 2009 and February 1, 2010. In general, a housing unit is considered eligible to be an individual's principal residence where it is owned by the individual and ordinarily inhabited by the individual, the individual's spouse or common-law partner, or their children.
| Eligible | Ineligible |
|---|
- Renovating a kitchen, bathroom or basement
- New carpet or hardwood floors
- Building an addition, deck, fence
- Purchasing a new furnace
- A new driveway
- Painting of interior or exterior of a house
| - Furniture, appliances, and audio and visual electronics
- Curtains and draperies
- Purchasing of tools
- Cleaning carpets
- House cleaning
|
The following expenditures will not be eligible for the HRTC:
- the cost of routine repairs and maintenance normally performed on an annual or more frequent basis;
- expenditures that are not integral to the dwelling, and other indirect expenditures that retain a value independent of the renovation;
- expenditures for appliances and audio-visual electronics; and
- financing costs.