Home Renovation Tax Credit

Have you been contemplating finishing your Basement or maybe installing new hardwood floors? Now may be the time to get the job done! Due to the challenging economic times we are seeing a drop in prices and not only in the housing market and automotive industry but in other goods and services as well. This includes building materials, appliances, flooring etc. All you need to do is shop around. But we are not on our own, the Government is also doing their part to help stimulate the economy. Budget 2009 proposes a Home Renovation Tax Credit. It will provide a temporary incentive for Canadians to undertake new renovation projects. The proposed HRTC will provide a temporary 15% income tax credit on eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009. 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 examples of eligible expenditures you can go to www.budget.gc.ca/2009/index.html or send me an email and I will forward you information on HRTC.

Trish Mills

Trish Mills

Sales Representative
CENTURY 21 Millennium Inc., Brokerage*
Contact Me