There are just a few weeks left for you to take advantage of the federal government’s Home Renovation Tax Credit (HRTC). It is available on a variety of expenses that are related to the renovation or alteration of your home and property. Now would be a great time to take a look back at the expenses you’ve incurred this year to see if they are eligible for the tax credit or to see if there is any renovation (large or small) you can do over the next few weeks to take advantage of this tax credit before it expires!
Here are some facts you should know:
You must own the home and must be living in the home that you wish to apply the HRTC to between January 27th, 2009 and February 1st, 2010.
The HRTC applies to work performed or goods acquired between the above dates. Some examples include new windows and doors, new flooring, a new furnace, interior and exterior painting, building an addition, landscaping, and much more.
Some things that do not apply under the HRTC include: furniture and household appliances, financing costs, house cleaning, and any expenses incurred to a rental or business property.
Do it yourself expenses such as building materials, equipment rentals, building plans and permits are eligible for a rebate. As are the costs incurred by hiring a professional.
The Federal Government website has a full description of the HRTC as well as eligibility information and tools to help you calculate and claim it.