|
|
|
|
|
|
|
|
|

What you should know about the 2009 Home Renovation Tax Credit

The HRTC will apply to eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009.

The HRTC can be claimed for renovations and enduring alterations to a dwelling, or the land on which it sits.

How the HRTC Works

The 15-per-cent credit may be claimed on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, meaning that the maximum tax credit that can be received is $1,350.

The credit can be claimed on eligible expenditures incurred on one or more of an individual’s eligible dwellings. Properties eligible for the HRTC include houses, cottages and condominium units that are owned for personal use.

Renovation costs for projects such as finishing a basement or re-modelling a kitchen will be eligible for the credit,
along with associated expenses such as building permits, professional services, equipment rentals and incidental expenses.

Routine repairs and maintenance will not qualify for the credit. Nor will the cost of purchasing furniture, appliances, audio-visual electronics or construction equipment.

Who can claim the HRTC?

Taxpayers can claim the HRTC when filing their 2009 tax return. Eligibility for the HRTC will be family-based. For the purpose of the credit, a family is generally considered to consist of an individual, and where applicable, the individual’s spouse or common-law partner. Family members will be able to share the credit.

If you are: Action Required:

Renovating your home without a contractor.

Keep your original receipts for eligible purchases and submit them for a 2009 tax credit when you complete your tax retrun.

   
Using your own contractor to renovate Get a complete itemized list of eligible products used in the renovation and an original invoice for the labour from your contractor and submit them for a 2009 tax credit when you complete your tax return.
   
A contractor Provide the homeowner with a complete itemized list of eligible products used in the renovation and an original invoice for labour.

Examples of HRTC Eligible and Ineligible Expenditures

Eligible Ineligible
• 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
• Furniture and appliances (refrigerator, stove, couch)
• Purchase of tools
• Carpet cleaning
• Maintenance contracts (furnace cleaning, snow
removal, lawn care, pool cleaning, etc.)
Canadian Cobble Systems products are eligible expenditures for the 2009 Home Renovation Tax Credit.

Read More....



Episodes:
“I Want That” Series



Episodes:
“Blog Cabin 2007”

“Blog Cabin 2008”
“Rock Solid"
“Indoors Out”
"Garage Mahal"




Episodes:
“Flip This House”
The Rookie Episode



Episodes:
“Victory Garden”
“Building Green”


www.CanadianCobbleSystems.com