• This is a non-refundable & temporary tax credit valid for the 2009 tax year only.
• The tax credit is 15% of eligible expenditures on home renovations made on eligible dwellings
•  The tax credit applies to expenditures over $1,000 to $10,000
• The maximum tax credit amount is $1,350 per family ($9000 x 15%)

We’ll get into more detail on my next blog!

Sources:  www.cra-arc.gc.ca and www.taxtips.ca

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