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Home Renovation Tax Credit

  • The home renovation tax credit pertains to work performed or goods acquired after January 27, 2009, and before February 1, 2010. Costs incurred during January 2010 can be claimed on the 2009 income tax return. A Canadian Chartered Accountant should be consulted for this type of accounting service.

  • The tax credit is 15% of expenditures between $1,000 and $10,000 to a maximum of $1,350. The first $1,000 does not qualify.

  • The claim can be split amongst eligible family members but the total amount claimed cannot exceed the maximum allowable.

  • All expenses must be supported by receipts.

  • An eligible dwelling of an individual is a housing unit located in Canada, owned at the time of the renovation or alteration and inhabited at any time during the eligible period.

  • The type of expenditure that is eligible can be a long discussion, but overall, the expenditure must be of an enduring nature and integral to the dwelling, excluding repairs or maintenance of a routine nature.

  • Furniture, draperies and appliances are excluded, but blinds are included.

Please contact us at 905-943-4046 if you need further assistance or accounting services in the coming months. Click here for additional contact information

Home Renovation Tax Credit - Simkover and Associates Chartered Accountants

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