Many people have been wondering about the home renovation tax credit and just what exactly it entails. Information is now available on the Canadian government website , including a pamplet with further details . Below is a break down of the main points of interest: What is the time frame during which the credit can be applied? “…after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009.” For work completed and some necessarily obtained goods! This credit is for new renovations and ongoing improvements on the residential structure itself, as well as the land it sits on. What exactly can I get back? It’s a 15% credit which can be claimed on an amount which is more than $1000 and under $10,000 . The maximum credit that you can obtain is $1350 . What Dwellings are eligible?

* houses * cottages * condo units (must be inhabited or used by the owner) What Types of expenses can be considered? * projects (ie: finishing your basement or re-doing the kitchen) * “associated expenses” (permits, rentals, labour, etc.) Who is eligible to claim it? “Taxpayers can claim the HRTC when filing their 2009 tax return…. Family members will be able to share the credit.” Examples of items and work that CANNOT be claimed * new furniture and appliance or tools purchases * cleaning services * maintenance services More information to come: Canada Revenue Agency?s website Department of Finance website Contact: Department of Finance Canada Distribution Centre Room P-135, West Tower 300 Laurier Avenue West Ottawa, Ontario K1A 0G5 Phone: 613-995-2855 Fax: 613-996-0518 Service Canada 1-800 O-Canada (1-800-622-6232) 1-800-926-9105 (TTY) E-mail: services-distribution@fin.gc.ca

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Home Renovation Tax Credit Information