The proposed Home Renovation Tax Credit (HRTC) will provide a temporary 15% income tax credit on eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010. 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.
For more information on all the home ownership and housing related stimulus in Budget 2009, go to http:///www.budget.gc.ca/2009/plan/bpa5a-eng.asp#Personal or to the Canada Revenue Agency Web site at www.cra-arc.gc.ca and search for “Home Buyers Plan.”
Tags: home, house, oshawa real estate, renovation, tax credit, whitby real estate