© 2009 Door & Access
Systems
Publish Date: Spring 2009
Author: Tom Wadsworth
Page 45
Canada Offers Tax Credit, Too?
By Tom Wadsworth, Editor
Canada has enacted the 2009 Home Renovation Tax Credit (HRTC),
a stimulus legislation that offers tax credits for eligible
home improvements.
In February, the government was not ready to confirm whether
those improvements include garage doors. But the prognosis
looks good.
Key details:
- The HRTC applies to eligible home renovation expenditures
for work performed or goods acquired after Jan. 27, 2009,
and before Feb. 1, 2010.
- The 15 percent credit may be claimed on the portion
of eligible expenditures exceeding $1,000, but not more
than $10,000. Thus, the maximum tax credit that can be
received is $1,350 ($9,000 x .15).
- Properties eligible include houses, cottages, and condominium
units that are owned for personal use.
- Eligible costs include the cost of labor and professional
services, building materials, fixtures, rentals, and
permits.
- Eligible renovations do not necessarily need to increase
energy efficiency. Projects such as adding a deck, a
fence, or a new driveway are all eligible.
Taxpayers claim the HRTC when filing their 2009 tax returns.
- Routine repairs and maintenance do not qualify for
the credit.
- The costs of purchasing furniture, appliances, audiovisual
electronics, or construction equipment do not qualify.
Additional information on the Home Renovation Tax Credit
will soon be available on Canada Revenue Agency’s Web
site at (www.cra-arc.gc.ca). Inquiries can also be made to
Service Canada at 1-800-O-Canada (622-6232).
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