Is It Too Late To Maximize The Home Renovation Tax Credit (HRTC)?

I imagine with the time of year, you’ve been likely more focused on gift giving than receiving.  I wanted to take a moment to ensure you are well aware of the gift the Federal Government has wrapped up for Canadian homeowners.  Keep in mind that unlike the Holidays which have come and gone with considerable speed, there are still two months left to take advantage of the Home Renovation Tax Credit (HRTC).  You may have heard mention and not taken a good look into the HRTC.  Please review the details below as you may be eligible for a tax credit.

Here is how the HRTC works:

-A non-refundable tax credit on eligible expenditures for work performed or goods acquired after January 27, 2009 and before February 1, 2010.
-Based on 15% of eligible expenditures greater than $1,000 but less than $10,000.
-Maximum “non-refundable” tax credit: $10,000 – $1,000 = $9,000 x 15% = $1,350.
-All of the eligible expenditures must be supported by receipts, so be sure to hold on to them.
-Here is a brief list of eligible expenditures under the HRTC: Renovating a Kitchen, Bathroom or Basement, Windows & Doors, Carpets & Flooring, Upgrading your wiring from 100 to 200 amp service, Painting Interior/Exterior Walls, Re-shingling a Roof, New Driveway, New Furnace or Air Conditioner, Installing a Permanent Pool or Hot Tub, New Fence, New Deck, Additions and more.
-All associated costs of installation, equipment rentals, permits, professional services and incidental expenses also count towards the HRTC calculation.
-Ineligible Expenditures include but are not limited to: Purchasing tools, Cleaning carpets, Financing Costs, House Cleaning and Maintenance Contracts.
* Subject to Parliamentary approval
As this “gift” from the Federal Government is a limited time offer, 2009/early 2010 is a great time to take advantage of the Home Renovation Tax Credit while simultaneously increasing the value of your home and doing your part to help jumpstart the Canadian Economy. I would be happy to discuss any work you might be considering at your convenience. Be sure to confirm the eligibility of your expenditure at  or by calling 1-877-959-1272.  These types of gifts do not come along everyday, so be sure to see if you might benefit from the HRTC.  Thanks for checking in!


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