Home Renovation Tax Credit
Was announced in the 2009 Federal budget, and was designed to provide an economic boost. It was not renewed for the 2010 taxation year. To qualify for the credit eligible expenses must have been incurred after 27 Jan 2009, and before 1 Feb 2010.
A maximum of $1350.00 in tax credits can be received on your 2009 tax return if you spend from $1000 to $10000.00 on improving your personal residence.
HRTC is a non-refundable tax credit which means that you can not claim the full $1350.00 even if you spend $10000.00 on repairs, unless you owe $1350.00 in federal taxes.
HRTC claims must be supported by acceptable documentation such as invoices, receipts, clearly showing the goods purchased or service provided.
For additional information on HRTC don’t hesitate to contact EP accounting