The fall season is here and fall often brings with it the promise and excitement of new beginnings and the task of making plans and setting new goals for the coming year.
For those of you who own homes and are thinking of making improvements, I thought you may appreciate this reminder.
Government Home Renovation Tax Credit;
The 2009 federal budget provides a temporary incentive for Canadians to implement new renovation projects or accelerate planned future projects.
The temporary HRTC provides a 15% income tax credit on eligible home renovation expenses for work performed or goods acquired after January 27, 2009 and before February 1, 2010.
The credit may be claimed for the 2009 tax year on eligible expenses over $1,000 but not exceeding $10,000 and will provide up to $1,350 tax relief.
Examples of HRTC Eligible and Ineligible Expenditures*
- Renovating a kitchen, bathroom or basement
- New carpet or hardwood floors
- Building an addition, deck, fence or retaining wall
- A new furnace or water heater
- Painting the interior or exterior of a house
- Resurfacing a driveway
- Laying new sod
- Purchase of furniture and appliances (ex: refrigerator, stove and couch)
- Purchase of tools
- Carpet cleaning
- Maintenance contracts (ex: furnace cleaning, snow removal, lawn care, and pool cleaning)
Click here for more info on the HRTC.
*Source: Canada's Economic Action Plan Budget 2009 Jan 27, 2009
ecoENERGY - Retrofit Grant:
An additional program called the ecoENERGY retrofit grant is also available and expires in March of 2011. The ecoENERGY Retrofit Grant can provide your clients with grants of up to $5,000 to offset the cost of making energy-efficiency improvements to their residence. For more detailed information on this program please visit.
For those of you who are currently not in a situation where you can take advantage of this, perhaps I can be of service.