Monday, January 11, 2010

Hurry - the Home Renovation Tax Credit HRTC is About to Expire

Hurry you only have until February 1, 2010 to do a last minute house, condo or cottage renovations.

The Home Renovation Tax Credit HRTC is a non-refundable tax credit based on eligible expenses for all renovations, and improvements to your house, condo or cottage. It can be claimed on your 2009 Income Tax return. It applies to work done or materials purchased after January 27, 2009, and before February 1, 2010.

Renovation expenses must be minimum $1,000 and not to exceed $10,000 for maximum credit of $ 1,350 per family. If more than one family shares the home, then each family can claim up $ 10,000 in renovation expenses for credit up to $ 1,350 per family.

More information can be found on the Canada's Government website, under Home Renovation Tax Credit (HRTC).

EXPIRY DATE: February 1, 2010