renovation tax credit - federal government

Here is the draft outline of the Federal Home Renovation tax credit - remember the first 1000 does not get a tax credit - the next 9000 gets 15% for a total of $1350 on a 10,000 investment

Information Bulletin: Federal Government HRTC –
The Home Renovation Tax Credit (Page 1 of 2)
The recently announced budget features a very useful tax credit for homeowners, The
Home Renovation Tax Credit (HRTC) . See below for the answer to some common
questions on how it will apply.
THE INFORMATION CONTAINED IN THIS SUMMARY HAS BEEN OBTAINED FROM THE BUDGET DOCUMENTS PUBLISHED
BY THE FEDERAL GOVERNMENT AND IS BEING PROVIDED FOR THE CONVENIENCE OF OUR CUSTOMERS. THE
FOLLOWING SETS OUT OUR UNDERSTANDING OF THE HRTC AND IS NOT MEANT TO BE RELIED ON OR TAKEN AS TAX
OR LEGAL ADVICE. TO ENSURE THE ACCURACY OF THIS INFORMATION AND ITS APPLICATION TO YOU, PLEASE
REVIEW THE DOCUMENTATION PUBLISHED BY THE GOVERNMENT AND, IF YOU REQUIRE FURTHER INFORMATION,
PLEASE OBTAIN FROM YOUR OWN FINANCIAL ADVISORS. ADDITIONALLY, ALL INFORMATION INCLUDED IS SUBJECT TO
ANY CHANGES THAT MAY BE MADE BY THE GOVERNMENT.
What types of products, services and expenses are eligible?
Eligible
• 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
• Painting the interior or exterior of a house
• Laying new sod
• Labour costs;
• Professional fees;
• Building materials;
• Fixtures;
• Equipment rentals; and
• Permits
Ineligible
• Furniture and appliances (refrigerator,
stove, couch);
• Purchase of tools;
• Carpet cleaning; and
• Maintenance contracts (furnace cleaning,
snow removal, lawn care, pool cleaning,
etc.)
When will the HRTC begin and end?
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.
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