Canadian Home Renovation Tax Credit

Get Up To $1350
Towards Your Renovation Project

If you have been considering a renovation project at your home, now could be a great time to do it. Not only will you qualify for a tax credit of up to $1350 but with the current construction slowdown, trades people are more readily available.

The following is a bit of information about the Home Renovation Tax Credit program taken from the Government of Canada website.

1. What is the Home Renovation Tax Credit (HRTC)?

The proposed HRTC is a non-refundable tax credit for work performed or goods acquired in respect of an eligible dwelling.

2. What is meant by eligible dwelling?

An eligible dwelling is a housing unit that is eligible to be an individual's principal residence or that of one or more of their family members, at any time between January 27, 2009 and February 1, 2010. In general, a housing unit is considered eligible to be an individual's principal residence where it is owned by the individual and ordinarily inhabited by the individual, the individual's spouse or common-law partner, or their children. This means that any dwelling that you own and use personally could qualify, including your home or your cottage.

3. What is the eligibility period?

The credit will be based on eligible expenditures for work performed or goods acquired after January 27, 2009, and before February 1, 2010. Expenditures incurred pursuant to an agreement that was entered into before January 28, 2009, will not be eligible for the credit.

Eligible

Ineligible

Renovating a kitchen, bathroom or basement New carpet or hardwood floors Building an addition, garage, deck, garden/storage shed, fence Re-shingling a roof A new furnace, woodstove, boiler, fireplace, water softener or water heater A new driveway or resurfacing a driveway Painting of interior or exterior of a house Window coverings directly attached to the window frame and whose removal would alter the nature of the dwelling Laying new sod Swimming Pools (Permanent - in ground and above ground) Fixtures – lights, fans, etc. Associated costs such as permits, professional services, equipment rentals and incidental expenses.

Furniture, appliances, and audio and visual electronics Purchasing of tools Cleaning carpets House cleaning Maintenance contracts (e.g. furnace cleaning, snow removal, lawn care, and pool cleaning) Financing costs

For more complete information visit their website using this Nanaimo Info LINK.