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home renovation tax credit ut back into your pocket - renovate and claim the hrtc

Canada's Home Renovation Tax Credit (HRTC) provides a one-year, temporary 15% income tax credit on eligible kitchen and home renovation expenses for work performed or supplies purchased from January 27, 2009 to February 1, 2010. Canadian homeowners can put some of their tax money back into their pocket provided they take advantage of this year's tax deduction.

Kitchens Etc. encourages homeowners who are renovating or upgrading their home, to keep all of their original receipts. Before preparing their 2009 tax return, Kitchens Etc. will provide an itemized list of eligible products or services used in their kitchen or bathroom renovations to help claim their home renovation tax credit expenditures.

The Home Renovation Tax Credit may be claimed on expenses over 1,000.00 but not more then 10,000. As a result, the home improvement tax rebate will provide Toronto homeowners up to a maximum $1,350.00 tax savings. ($9,000 x 15%)

WHO QUALIFIES FOR THE HOME RENOVATION TAX CREDIT (HRTC)?

In order to qualify for the Home Renovation Tax Credit (HRTC), expenses can be claimed for:

• Renovations and improvements to a home, cottage or condo unit that is used as a principal residence.

• Building materials or supplies used for home renovations or kitchen and bathroom renovations such as:

• • Permits
  • Contractors
  • Laborers
  • Equipment rentals

Some examples of eligible HRTC Tax Credit expenses include:

• Renovating a kitchen, bathroom or basement

• New carpet or hardwood floors
• Building an addition, deck, fence or retaining wall
• A new furnace or water heater
• Replacing your air conditioning system
• Upgrading the insulation in your home
• Painting the interior or exterior of a house
• Resurfacing a driveway
• Laying new sod
• Labor costs
• Professional fees
• Building materials
• Fixtures
• Equipment rentals

Some examples of ineligible HRTC Tax Credit expenses include:

• • Purchases of furniture and appliances
  • Purchases of tools
  • Carpet cleaning
  • General maintenance contracts (e.g. furnace cleaning, snow removal, lawn care, pool cleaning).

Source : Canada Revenue Agency and the Department of Finance Canada .

SCENARIOS OF KITCHEN RENOVATIONS AND HRTC INCENTIVES.

* Stephen recently had Kitchens Etc. install new Aurora Maple Cappuccino Cabinets with glass doors and a new Granite countertop and sink. The costs incurred were over 18,000.00, but because of the 9,000 eligible expenditures, they received a tax relief of $1,350.

* Caroline and Mike had Kitchens Etc. install new Integra Cherry Nutmeg Cabinets with glass doors, handles and knobs. They also ordered a Silestone (Sienna Ridge) Countertop. They incurred $20,000 in expenditures renovating the kitchen. Caroline and Mike can claim a HRTC Tax Credit of $1,350.

For instance, if homeowners spent $1,000.00 that is the deductable, but if they spent $2,000, they would receive a tax credit of $150.00. If they spend $5,000, they would receive a tax relief of $600.00. If homeowners spend over $10,000, they still only receive a tax credit based on $10,000.

INVEST IN YOUR COMMUNITY

Every time a Toronto homeowner invests in home renovations or kitchen and bathroom renovations, they are helping create jobs for construction workers, contractors and building suppliers in their own community. Isn't that what boosting the economy is all about?

Please Note: Kitchens etc. does not claim to be a tax or financial advisor, so we recommend that you speak to your accountant or financial planner for specific tax advice.

About the Author

Kitchen's Etc. hosts a fine cabinetry showroom featuring custom cabinetry, bathroom cabinetry and kitchen cabinetry. The kitchen is the heart of your home where memories are made that will last a lifetime.get more information about Home Renovation Tax Credit

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