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Home Renovation Tax Credit

Home Renovation Tax Credit. What is it?. The Home Renovation Tax Credit is a temporary tax credit designed to boost spending in the home construction, trades, and retail industries associated with home renovation.

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Home Renovation Tax Credit

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  1. Home Renovation Tax Credit

  2. What is it? • The Home Renovation Tax Credit is a temporary tax credit designed to boost spending in the home construction, trades, and retail industries associated with home renovation • To provide some $3 billion of much-needed fiscal stimulus and encourage investments in Canada’s housing stock • The temporary nature of the credit will provide an immediate incentive for Canadians to undertake new renovations or accelerate planned projects. • The HRTC can be claimed for renovations and enduring alterations to a dwelling, or the land on which it sits.

  3. How does it Work? • The HRTC is a 15-per-cent credit that 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. • Examples:

  4. What Kind of Work is Eligible? • Renovation costs for projects such as finishing a basement or re-modeling a kitchen will be eligible for the credit. • Building permits, professional services, equipment rentals and incidental expenses. • Routine repairs and maintenance will not qualify for the credit. • The cost of purchasing furniture, appliances, audio-visual electronics or construction equipment and tools do not qualify for the credit. • The credit can be applied to more than one residential dwelling

  5. Who can claim this Tax Credit? • About 4.6 million families in Canada are expected to benefit from the credit. • Almost all Mr. Rooter’s customers can benefit from this just by telling them • Taxpayers can claim the HRTC when filing their 2009 tax return. • Eligibility for the HRTC will be family-based. Only one claim can be made per family. • This tax credit is valid for and purchases made after January 27, 2009 and before February 1, 2010.

  6. HRTC and Mr. Rooter • Much of the work we do will qualify our customers for this tax credit • Letters will be provided to include with your quotes advising the customer about the tax credit • A question and answer sheet will be provided to you • Brochures have been requested from the Canadian Government • For more information or questions, visit http://www.fin.gc.ca

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