Home Renovation Tax Credit (HRTC)
Filed Under Tax · Tagged: home renovation tax credit, Tax
One of the highlights of the 2009 tax year is the Home Renovation Tax Credit or HRTC. The HRTC is a non-refundable tax credit based on eligible expenses for improvements to your house, condo or cottage.
Please note that the HRTC’s is available for the 2009 tax year only and the eligible period began last January 28, 2009 and will end on January 31. 2010.
Eligible expenses for goods acquired during this period, even if they are installed after January 2010 will still qualify. However, if an eligible expense involves work done by a contractor or a third party, and the work is not completed by the end of January 2010, only the portion that is completed before February 1, 2010 will qualify even if a payment has been made.
Sources: www.cra-arc.gc.ca and www.taxtips.ca
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