Home Renovation Tax Credit
Despite the general economic slump, Canadians still have renovation fever. Renovating is seen by some as an alternative to “moving up”, and is also an excellent way to bolster the value of your principal asset. And there’s another incentive, too; this year you have the Home Renovation Tax Credit (HRTC), which is perhaps the most powerful new addition to your renovation toolbox.
For renovations done between January 28, 2009 and February 1, 2010, you’re eligible to claim a 15% credit against any of your renovation expenses after the first $1,000. The maximum tax credit is $1,350, which represents $9,000 worth of renovations. It’s no small change; remember that a tax credit comes directly off your taxes owing.
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Posted by LDBA Admin under: Articles.
