Home Renovation Tax Credit

The Home Renovation Tax Credit is available to Canadian homeowners at the rate of 15% on expenditures over $1,000 to a maximum tax credit of $1,350. (Requires a total expenditure of $10,000).

Note that this tax credit is over and above any other government grant or incentive the homeowner may be eligible for, such as an ecoENERGY grant, so homeowners can claim both for eligible work.

The tax credit is based on eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010.

The credit can be claimed on eligible expenditures incurred on one or more of an individual’s eligible dwellings. Properties eligible for the credit include houses, cottages and condominium units that are owned for personal use. (i.e., not rental properties). Renovation costs for projects such as installing new hardwood flooring, mouldings and windows will be eligible for the credit.

The Home Renovation Tax Credit will be family-based (i.e., one credit per family). For the purpose of the credit, a family is generally considered to consist of an individual, and where applicable, the individual’s spouse or common-law partner.

How does the tax credit work and who can claim the reno tax credit. Answers to over 20 questions are also available at Canadian Revenue Agency - Home Renovation.

 

Maximize your savings by combining our Featured Specials with the Renovation Tax Credit.