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Times ‘a Wasting …. Get Renovating!

December 3, 2009

If you have been thinking about renovating your Oakville, Mississauga or Toronto home, townhouse or condo, time is now running out on you.

The Home Renovation Tax Credit (HRTC) allows 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. The credit may be claimed for the 2009 taxation year on the portion of eligible home renovation expenditures exceeding $1,000, to a maximum of $10,000.  This new tax initiative provides up to $1,350 in tax relief to home owners.

What’s eligible and what’s not for the Home Renovation Tax Credit?

Here’s a sample of what qualifies under the program and what does not.

Eligible:

  • renovating a kitchen, bathroom or basement;
  • new carpet, tile or hardwood floors;
  • building an addition, deck, fence or retaining wall;
  • installing a new furnace or water heater;
  • painting the interior or exterior of a house or condo;
  • resurfacing a driveway;
  • laying new sod

Ineligible:

  • purchase of furniture and appliances (e.g. refrigerator, stove, and couch);;
  • purchase of tools;
  • carpet cleaning;
  • maintenance contracts (e.g. furnace cleaning, snow removal, lawn care, and pool cleaning)

For more information on all of the home ownership and housing related stimulus in Budget 2009, go to http://www.budget.gc.ca/2009/plan/bpa5a-eng.asp#Personal or to the Canada Revenue Agency Web site at http://www.cra-arc.gc.ca and search for “Home Buyers Plan.”

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