It's that time of year, when I'm rifling through my pockets, purses, drawers and files looking for every last receipt. This year, I'm making sure I set aside a stack that I can use towards the Home Renoation Tax Credit. I wanted to check what I could include towards it, and it was suprisingly more than I had realized.
Canadian homeowners can get up to $1,350 in tax credits for home renovations made between January 27, 2009 and February 1, 2010 (so you have two weeks if you haven't done your home renovations yet).
The HRTC allows families to claim 15 per cent of home improvement expenses, between $1,000 and $10,000, on their 2009 income tax return. This gives families up to $1,350in nonrefundable tax credits, which reduce the total amount of income tax they must pay.
Here's a list of eligible expenses from the Canada Revenue Agency website:
· Renovating a kitchen, bathroom, or basement
· Windows and doors
· New flooring - carpet, linoleum, hardwood, floating laminate, etc.
· New furnace, woodstove, boiler, fireplace, water softener, water heater, or oil tank
· Permanent home ventilation systems
· Central air conditioner
· Permanent reverse osmosis systems
· Septic systems
· Wells
· Electrical wiring in the home (e.g., changing from 100 amp to 200 amp service)
· Home security system (monthly fees do not qualify)
· Solar panels and solar panel trackers
· Painting the interior or exterior of a house
· Building an addition, garage, deck, garden/storage shed, or fence
· Re-shingling a roof
· A new driveway or resurfacing a driveway
· Exterior shutters and awnings
· Permanent swimming pools (in ground and above ground)
· Permanent hot tub and installation costs
· Pool liners
· Solar heaters and heat pumps for pools (does not include solar blankets)
· Landscaping: new sod, perennial shrubs and flowers, trees, large rocks, permanent garden lighting, permanent water fountain, permanent ponds, large permanent garden ornaments
· Retaining wall
· Associated costs such as installation, building plans, permits, professional services, equipment rentals, and incidental expenses
· Fixtures - blinds, shades, shutters, lights, ceiling fans, etc.
I'm going home to add up my receipts and see if I need to complete any more home renovations in the next few weeks, might be a busy month on Gabriola. (Submitted by: Tina Lynch)
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