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Take Advantage of the Home Renovation Tax Credit
January 15, 2010
Take Advantage of the Home Renovation Tax Credit While Time Remains
Canada’s Economic Action Plan was introduced as part of our government’s last budget. Part of this Economic Action Plan includes a new, but temporary, Home Renovation Tax Credit (HRTC). This measure is designed to stimulate economic growth and help Canadians with home improvements. This is a temporary measure which is scheduled to end at the end of January 2010.
If you have not already done so, there is still time to benefit from the HRTC on your 2009 tax return. Eligible expenditures – such as materials and labour – must be incurred between January 27, 2009 and February 1, 2010 and be supported by documentation such as agreements, invoices or receipts. In addition, the cost of materials purchased between these dates is eligible even if the materials are used after February 1st 2010. In other words, if you purchase materials and have them delivered (such as flooring) this January for a home renovation you will do to your kitchen in March, you can claim the cost of these materials on your 2009 tax return (but not any labour costs to install the flooring, since these costs will have been incurred in March of 2010, after the deadline of February 1, 2010).
Our government has made it very easy to take advantage of the HRTC. No application is necessary. Simply submit your 2009 income tax return. This will result in a tax credit of 15% on expenditures above $1,000 up to $10,000, to a maximum tax credit of $1,350 ($9000 x 15%).
For those of you preparing your 2009 taxes, a new schedule will be included in your 2009 tax package to allow you to list your eligible expenses and to calculate the amount you can claim, and a new line will be added to Schedule 1 to claim the HRTC. If you are filing a paper return, do not include your receipts or documents supporting your claim. Keep them in case the Canada Revenue Agency asks to see them. You must, however, attach the new HRTC schedule to your paper return.
I have been talking to many people and contractors in Wellington-Halton Hills who have told me that the HRTC has been really useful. As a result, I recently discussed the idea of extending the HRTC with my colleague Jim Flaherty, the Minister of Finance. I also intend to push for an extension of the HRTC when my colleagues and I have our pre-budget consultations in the coming weeks. An extension of the HRTC would provide additional stimulus to our economy and enable home owners unable to take advantage of the HRTC last year with a new opportunity to participate.
My pressing priority remains the economy, and the Home Renovation Tax Credit is just one of the ways in which we are trying to help Canadians and their families through the global economic slowdown.
If you wish to find out more about this new Home Renovation Tax Credit or any other government program, please contact us at chongm@parl.gc.ca or at (866) 878 5556.
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