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   Plumbers and Drain Cleaning Specialists Vancouver plumbing professionals since 2008. Yaletown Plumbing has been the locally owned and operated plumbing experts to turn to for fast and dependable plumbing service. Whether you have a plumbing emergency or a remodeling project, we will provide you with the qualified technicians and guaranteed work that is absolutely necessary when you need expert plumbing solutions for your home or business in the West End.

 

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Home Renovation Tax Credit.

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Timing of Home Renovation Tax Credit

The Home Renovation Tax Credit (HRTC)applies to home renovation expenditures made between January 27, 2009 and February 1, 2010, based on agreements entered into after January 27, 2009.

Value of Home Renovation Tax Credit

A tax credit of 15 percent can be claimed on the part of home renovation expenditures over $1000 and under $10,000. That means there is a $1000 deductible, and the maximum tax credit is $1350.

Who is Eligible for the Tax Credit

Eligibility for the home renovation tax credit is based on the family. For the purpose of this tax credit, a family is generally considered to consist of an individual, and an individual’s spouse or common-law partner. Family members can share the tax credit.

Home Renovations Eligible for the Tax Credit

The tax credit can be claimed for renovations and "enduring alterations" to an individual’s dwellings or the land on which they sit. Eligible dwellings include houses, cottages and condominium units owned for personal use. Related expenses such as building permits, professional services and equipment rentals are also eligible for the tax credit. Examples of projects that are eligible:

  • Renovating a kitchen, bathroom or basement
  • Laying new carpeting
  • Putting in new hardwood floors
  • Building a deck
  • Painting the inside or outside of a house
  • Resurfacing a driveway
  • Installing a new furnace or water heater
  • Laying new sod

Home Renovations Not Eligible for the Tax Credit

Routine repairs and maintenance will not qualify for the tax credit. Examples of purchases that do not qulaify for the tax credit

  • furniture
  • appliances
  • construction equipment
  • tools
  • carpet cleaning
  • maintenance contracts (furnace cleaning or lawn care, for example)

How to Claim the Home Renovation Tax Credit

The tax credit is claimed when filing your Canadian tax return for 2009 tax year.