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Q: What is the Home Renovation Tax Credit (HRTC)?
A: The Canadian government announced a stimulus package in their 2009 budget.Included in this package was a tax relief for home renovations, the HRTC.
Q: What renovations are eligible?
A: The HRTC applies 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. Renovation costs for projects such as finishing a basement or re-modelling a kitchen will be eligible for the credit, along with associated expenses such as building permits, professional services, equipment rentals and incidental expenses.
Q: How does it work?
A: The 15-per-cent credit may be claimed on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, meaning that the maximum tax credit that can be received is $1,350.
Q: Who can claim the HRTC?
A: About 4.6 million families in Canada are expected to benefit from the credit. Taxpayers can claim the HRTC when filing their 2009 tax return.
Further information can be found at:
www.budget.gc.ca/2009/pamphlet-depliant/pamphlet-depliant3-eng.asp
www.cra-arc.gc.ca/gncy/bdgt/2009/fqhmrnvtn-eng.html
http://www.thestar.com/News/Canada/article/578414
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