Home Renovation Tax Credit Worksheet
What is the HRTC?
The proposed HRTC is a non-refundable tax credit for work performed or goods acquired in respect to renovations of a home or eligible dwelling (cottage, home, or owned condo). The dwelling must be owned by the individual. Renovations to rented homes, apartments, condos, rental properties, etc, do not apply.
Important: All receipts must be kept.
What time period applies?
Only expenditures made between January 27th 2009 and February 1st 2010 qualify. This credit will only be available in the 2009 tax year. (needs update)
Who is eligible for this credit?
This credit is family based. A family will be allowed a single credit that may be shared within the family.
If two or more families share the ownership of an eligible dwelling, each family will be eligible for their own
separate credit (i.e. each up to $1,350) that will be calculated on their respective eligible expenditures.
How is the credit calculated?
The credit will only be available for the 2009 tax year and applies to eligible expenditures of more than $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%).
Example: If you spend $6000 on renovating a kitchen, you will receive a credit of $750 ($6000 - $1000 = $5000. $5000 x 15% = $750).
- Renovating a kitchen, bathroom or basement
- New carpet or hardwood floors
- Building an addition, garage, deck, garden/storage shed, fence
- Re-shingling a roof
- A new furnace, woodstove, boiler, fireplace, water softener or water heater
- A new driveway or resurfacing a driveway
- Painting of interior or exterior of a house
- Window coverings directly attached to the window frame and whose removal would alter the nature of the dwelling
- Laying new sod
- Swimming Pools (Permanent - in ground and above ground)
- Fixtures – lights, fans, etc.
- Associated costs such as permits, professional services, equipment rentals and incidental expenses
- Furniture, appliances, and audio and visual electronics
- Purchasing of tools
- Cleaning carpets
- House cleaning
- Maintenance contracts (e.g. furnace cleaning, snow removal, lawn care, and pool cleaning)
- Expenditures that are not integral to the dwelling, and other indirect expenditures that retain a value independent of the renovation
Calculate your Maximum Allowable Renovation Expenses