As you likely know, the Federal Government has included a tax credit for home owners spending money on property improvements in 2009.
“How the HRTC Will Work
“How the HRTC Will Work
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.
The credit can be claimed on eligible expenditures incurred on one or more of an individual’s eligible dwellings. Properties eligible for the HRTC include houses, cottages and condominium units that are owned for personal use.
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.
Routine repairs and maintenance will not qualify for the credit. Nor will the cost of purchasing furniture, appliances, audio-visual electronics or construction equipment.”
Check out the following link for further information http://www.budget.gc.ca/2009/pamphlet-depliant/pamphlet-depliant3-eng.html
As a licensed and registered company, ONIT Construction provides full receipts and documents to clients for application of the above credits.
