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Canadian Home Renovation Tax Credit
Sunday, November 15th, 2009 at 11:34am. 853 Views, 2 Comments.
Understanding The New Canadian Home Renovation Tax Credit
Earlier this year, the Canadian government announced a temporary Home Renovation Tax Credit (HRTC). This tax credit was introduced to stimulate spending to offset the economic slowdown. The renovation credit can be applied to almost any work done on personal houses, recreational properties and condominiums, both inside and outside the home. For renovations totalling at least $1,000 and up to a maximum of $10,000 for materials and work, homeowners will receive a 15% tax credit, up to $1,350 [($10,000 − $1,000) × 15%]. To be eligible for this credit, the renovations must be completed between January 27, 2009 and January 31, 2010. The value of this program is estimated to be 3 billion dollars.
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