It’s Not Too Late For The Home Renovation Tax Credit
The Home Renovation Tax Credit (HRTC) is a temporary program designed by the Canadian government to stimulate economic growth and help Canadians with home improvements.
The HRTC allows you to claim expenses incurred for home improvements dated after January 27, 2009, and before February 1. 2010. You can file the HRTC on your 2009 tax return. Keep your receipts and labour contracts filed away safely in case CRA needs to see them in the future.
The HRTC can help you to save up to $1350.00 on home improvements purchased before February 1, 2010. You still have a few weeks to buy your materials if you are planning a home improvement project for 2010 and you want to take advantage of the tax credit. Although you won’t be able to claim labor costs after February 1st, you will at least get the tax credit for a percentage of the cost of your materials. The nice thing is that you don’t have to have your renovations completed by February 1st, you just have to buy the materials before then.
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When my husband and I moved into our home we didn’t have to do very much to it, except clean. The people we bought it from had “flipped” the house: they bought it a low price and then did a lot of renovating, and then sold it to us for a profit. Our basement is unfinished, however, and we only have one bathroom, so I decided to research what types of renovations would be worthwhile for us to do. We don’t plan to stay in our current home for a long period of time so there is no point for us to make any major improvements unless they will increase the home’s value.
