The Home Renovation Tax Credit:

Turn Procrastination Into Renovation!

The HRTC is a fifteen percent tax credit which can be claimed on amounts over $1,000 to $10,000. The maximum credit that may be received is $1,350.

It’s Time to $ave!

Tighten up the tool belts and bring out those blueprints! The HRTC will apply to renovation expenses, work performed, or materials purchased after January 27, 2009 and before February 1, 2010. The agreements for all work must be made after January 27, 2009 to qualify for this credit.

Refresh Your Residence

The tax credit may be claimed for properties that are owned as personal residences such as houses, cottages and condominiums. Families will be granted one credit to share between members. In the case where two or more families possess ownership of an eligible residence, then each family may receive a separate credit.

Renovations that Qualify

If you are making these renovations to your residence or the surrounding property, you will qualify for the HRTC!

• Remodelling a kitchen or refinishing a basement. Reduce waste by renovating with recycled materials for a modern and beautiful eco kitchen!
• Building a deck for backyard barbeques, constructing a fence, or retaining wall
• Installing new carpets or hardwood floors
• Interior or exterior painting. Spruce up your look with environmentally friendly paints to help keep your home and the air fresh!
• Firing in a new furnace or water heater. The average household spends between $400 and $600 each year on water heating costs! Save energy and money on your utility bills by replacing older models with EnergyStar appliances
• Resurfacing a driveway or laying new sod

Expenses That Do Not Qualify

These home improvements will not be eligible for the tax credit:

• Routine repairs and maintenance, or contracts for work performed on an ongoing basis such as pool cleaning, snow removal or lawn care
• Purchasing furniture, appliances or audio visual electronics

Get the Credit!

You can claim the HRTC when you file your 2009 tax return. All you have to do is fill out the new line added to the form, it’s that simple! To reap the benefits, make sure to save all receipts, invoices and documentation of the work performed.

Now is the time to start those renovation projects buried at the bottom of your ‘to do’ list! Uncover your property’s potential, enhance the energy efficiency of your home and receive some credit in return!

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