Home Renovation Tax Credit

The HRTC will apply to eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009. The 15-per-cent credit may be claimed on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, meaning that the maximum tax credit that can be received is $1,350. The credit can be claimed on eligible capital expenditures incurred on one or more of an individual’s eligible dwellings (e.g. houses, cottages and condominium units) that are owned for personal use. Routine repairs and maintenance will not qualify for the credit, nor will the cost of purchasing furniture, appliances, audio-visual electronics or construction equipment. More information is available from the CRA website.