Home Renovation Tax Credit (HRTC)
The deadline for this tax credit is coming close. The tax credit is based on eligible expenditures incurred for work performed, or goods acquired, after January 27th, 2009, and before February 1st, 2010, and based on an agreement entered into after January 27th, 2009. This credit can be claimed when filing your 2009 tax return, SO make sure to keep ALL receipts.
The 15% non-refundable tax credit can be obtained on eligible expenses of more than $1,000 and no more than $10,000. The maximum credit that will be allowed,based on the Canadian Revenue Agency's formula, will be $1,350. Well, it is better than nothing!!
Some examples of eligible expenses are: the sealing or repaving of a driveway; painting the interior, or exterior of a home; the reshingling of a roof; replacement of fixtures (i.e. lights, fans, etc.), and even the relaying of new sod.
Some examples of ineligible expenses are: the purchasing of tools; house cleaning; maintenance contracts (i.e. lawn care, furnace cleaning, etc.); financing costs.
In conclusion, get sifting through, organizing those applicable receipts, enter the details onto an Excel spreadsheet, and then put them into an envelope to be all ready for your accountant.
For more information, please go to http://www.cra.gc.ca/hrtc or call 1-800-959-8281
Oh, by the way, I am never too busy for your York Region Real Estate Referrals. I can be reached at 1-888-362-3677, or you can email me at info@johncarser.com. My website is www.JohnCarser.com. John Carser, Sales Representative, RE/MAX Omega Realty (1988) Ltd., Brokerage.
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