Everything you need to know about the home renovation tax credit.
The Home Renovation Tax Credit (HRTC) is a one-time non-refundable tax credit that the Government of Canada is offering to taxpayers on their 2009 income tax.
You can save up to $1,350 on home improvements purchased before February 1, 2010.
The Home Renovation Tax Credit applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum non-refundable tax credit of $1,350 [($10,000 - $1000) x 15%].
You can claim a non-refundable tax credit on your 2009 income tax return. This tax credit is based on eligible expenses incurred for work performed or goods acquired after January 27, 2009 and before February 1, 2010. Only agreements entered into after January 27, 2009 and related to a qualified dwelling are eligible.
Source: www.cra-arc.gc.ca
Disclaimer - the above is provided in good faith and is accurate as of July 15, 2009.
Please check with the above noted website for any changes or updates. You are responsible for ensuring you meet Canadian tax laws.
