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Take advantage of significant savings with the HRTC.
Hidden Gems of the Home Renovation Tax Credit

Make the most of the HRTC before the deadline in January and start your reno projects now.

Author: Laura DiRisio, Marketing Assistant
Date Posted: November 13, 2009
Sources: www.cra-arc.gc.ca/hrtc

For immediate release

It’s November and you have another three months to complete projects and claim them for the Home Renovation Tax Credit (HRTC). Many people have been making improvements and alterations to their homes, but what if you already have good quality windows or a new furnace or air conditioner? How are you going to take advantage of this opportunity for tax savings?

 

If you own a house, condo or cottage, you can claim certain eligible expenses with the HRTC. But while you may think you are limited to the usual reno projects—re-shingling your roof, updating your kitchen or finishing the basement—you actually have many more surprising options to maximize your 2009 income tax return. With the average homeowner spending over $12,000 on renovations this year, you could probably use the help.

 

The HRTC is a non-refundable tax credit valid for purchases made between January 28, 2009 and January 31, 2010. It applies to eligible expenses of more than $1,000 but not more than $10,000, with a maximum non-refundable tax credit of $1,350.  Review the expenses below and begin your projects now before the harsh Canadian winter begins.

 

HOME SECURITY SYSTEM

Alarm systems with monthly fees do not qualify so your best bet is a stand alone video security package. Canadian owned security manufacturer, Defender, offers HRTC eligible do-it-yourself video security systems that stream over the Internet, have night vision cameras and are easier to setup than you might think. Look for a system with recording capabilities so you can protect the home you’ve just improved. Defender has affordable DIY systems and other tips to improve your home security features. Visit their website for more information: www.defendercollege.com.

 

POOL OR HOT TUB

Both in-ground and above-ground designs are eligible so long as your new pool or hot tub is clearly a permanent feature of your home. If it’s built-in, has a surrounding deck or patio or is attached in some way to the main structure of your home, you can claim up to 10% of the cost, including installation fees, with the HRTC. Look for hot tubs by Caldera Spas, Limelight and Viking Spas at your local pool and hot tub dealer/installer.

 

LANDSCAPING

Landscaping not only improves the look of your property, it can save you money if purchased before January 31, 2010. Eligible items include: new sod, perennial shrubs and flowers, trees, large rocks, permanent garden lighting, permanent water fountains, permanent ponds and large permanent garden ornaments. It’s not too late to spruce up your yard and most local home and garden centres are selling off the last of their garden supplies at drastically reduced prices. Note that some trees, like evergreens, should not be planted this late in the year. Visit your local greenhouse for advice and plant while you still have time.

 

FIXTURES

Certain lighting and window accessories are also eligible for the HRTC. Home Depot has a wide variety of ceiling fans ranging from $55 to $700. If you need or have a new ceiling fan, set of shutters or outdoor lighting, keep your receipts. Most permanent fixtures, i.e. those that are directly attached to a ceiling, wall or window frame, qualify for the credit.

 

ASSOCIATED COSTS

When making these alterations to your home this year, remember that associated costs such as installation, permits and professional services are also covered by the HRTC. Take proper care to ensure your renovation projects are carried out smoothly and safely, even if it means having someone else do it. Protect the value of your home and take advantage of eligible services as well as expenses.

 

Be proactive about updating and improving your home and make the most of the Home Renovation Tax Credit. For more information and all the details, visit www.cra-arc.gc.ca/hrtc

 


Press Contact:
Contact: Rianna Sirianni
E-mail: [email protected]
4080 Montrose Road
Niagara Falls, ON L2H 1J9



 
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