The Home Renovation Tax Credit is a federal non-refundable tax credit based on eligible expenses for improvements to your house, condominium, or cottage. The 15% tax credit applies to eligible expenses that exceed $1,000, but not more than $10,000. For instance, if you installed new windows at a cost of $5,000 and new shingles at a cost of $5,000 your tax credit is calculated as follows. ($10,000 - $1,000) x 15% = $1,350 tax credit.
You must get your contracts in writing, keep your receipts and claim the credit on your 2009 tax return.
Eligible expenses must be of an enduring nature and integral to your property.
Examples of eligible expenses
Renovation of a bathroom, basement, or kitchen
New windows, doors, or flooring
Building an addition, garage, deck, shed or fence
A new furnace, fireplace, water softener, or water heater
A new driveway, or a new surface on an existing driveway
Re-shingling a roof, or painting a house
Landscaping projects like new sod, perennial shrubs and flowers, trees, etc.
Swimming pools (permanent – in-ground and above ground)
Fixtures – blinds, shades, shutters, awnings, lights, fans, etc.
Associated renovation costs such as permits, professional services, equipment rentals, etc.
Examples of non-eligible expenses
Improvements made to rental units even if located with your primary residence
Furniture, appliances, tools
Audio and visual electronics
Routine repairs, maintenance and cleaning costs
For more information on the Home Renovation Tax Credit click here.
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