Home Renovation Tax Credit
The Home Renovation Tax Credit (HRTC) can be claimed for renovations and enduring alterations to a dwelling, or the land on which it sit
How the HRTC Will Work
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 re-modelling a bathroom or kitchen will be eligible for the credit, along with associated expenses such as building permits, professional services, equipment rentals and incidental expenses.
Who Can Claim the HRTC?
Taxpayers can claim the HRTC when filing their 2009 tax return.
Eligibility for the HRTC will be family-based. For the purpose of the credit, a family is generally considered to consist of an individual, and where applicable, the individual’s spouse or common-law partner. Family members will be able to share the credit.
For the homeowner to be eligible to claim the HRTC, the contractor and/or company completing the work in the residence must be licensed and have a GST number on file with the Canada Revenue Agency. You will need to provide supporting documents from the renovator when you file your yearly income tax.
Hope this information helps
Dave Bennett, Owner 360renos