Home Renovation Tax Credit
Canada enjoys a high rate of home ownership among industrialised countries.
For many Canadians, owning a home represents both the achievement of a key life goal and the most important investment of their lives. A robust housing sector is also an important source of economic activity in Canada as it promotes demand for labour, building materials and other goods. To provide needed stimulus in these challenging econimic times, Budget 2009 proposes measures to help Canadians purchase and improve their homes.
Home Renovation Tax Credit is alive for another few days.
Home renovations can represent a smart investment in the long-term value of a home and generate economic activity. To support economic growth during these challenging times, Budget 2009 proposes to introduce a temporary Home Renovation Tax Credit (HRTC).
The HRTC will provide temporary incentive for Canadians to undertake new renovation projects or accelerate planned future projects, thus providing timely stimulus to the Canadian economy while boosting energy efficiency and the value of Canada's housing stock.
How the Temporary HRTC Will Work
The proposed programme will provide a temporary 15% income tax credit on eligible renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1st, 2010, pursuant to agreements entered into after January 27th, 2009. The credit may be claimed for the 2009 taxation year on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, and will provide up to $1,350 in tax relief.
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