Thinking of renovating your home this year? The Canadian federal government is offering a Home Renovation Tax Credit for homeowners making improvements that can save you up to $1350 this year.
There are a number of expenditures eligible for the HRTC, including:
- 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.
Want to learn more?
Canada Revenue Agency – http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhmrnvtn-eng.html
More about the HRTC
Canada Ministry of Finance - http://www.fin.gc.ca/act/hrtc-cird/pamphlet-depliant3-eng.pdf
Environment Canada - http://www.ec.gc.ca/education/default.asp?lang=En&n=D8398275-1
Renovation tax credit ‘too good to pass up’ by Ellen Roseman - http://www.thestar.com/business/article/629592