Home Renovation Tax Credit (HRTC)

The HRTC will provide a temporary incentive for Canadians to undertake new renovation projects or accelerate planned future projects.

The proposed HRTC will provide a temporary 15-per-cent income tax credit on eligible home renovation expenditures for work performed 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.

Benefits of the Temporary Home Renovation Tax Credit-
Example -

Sally and Ed are a couple who have recently purchased a house. To take full advantage of the temporary HRTC, they decide to have their home projects completed in 2009 rather than waiting. They are going to have their home painted for $5000 as well as re-furbishing their bathrooms for $2000 for a total of $7000.

Incurring $7000 in expenditures and after taking account of the $1,000 minimum threshold, a 15-per-cent credit will be available on $6,000 in eligible expenditures, providing a tax relief of $900.

At 360renos we would like you to take advantage of this benefit. Don't delay if you are requiring a free quote for your next project or if you need more information about the services 360renos can offer you