HOME RENOVATION TAX CREDIT Explained

Program

Homeowners may be eligible for a tax credit, when filing their tax return, of up to 15 per cent of eligible home renovation expenditures exceeding $1,000 but not more than $10,000.

Details

  • The Home Renovation Tax Credit (HRTC) applies to eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1,2010, pursuant to agreements entered into after January 27, 2009.
  • the HRTC can be claimed for renovations and enduring alterations to a dwelling, or the land on which it sits.
  • the 15 per cent HRTC credit may be claimed on the portion of eligible expenditures exceeding $1,000, but not more that $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.
  • Examples of HRTC eligible expenditures: 

    • renovating a kitchen, bathroom or basement
    • new carpet or hardwood floors
    • building an addition, deck, fence, or retaining wall
    • a new furnace or water heater
    • painting the interior or exterior of a house
    • resurfacing a driveway
    • laying new sod
  • Examples of ineligible expenditures: 

    Taxpayers can claim the HRTC when filing their 2009 tax return.
    • routine repairs and maintenance
    • furniture and appliances
    • purchase of tools
    • carpet cleaning
    • maintenance contracts (furnace cleaning, snow removal, lawn care, pool
      cleaning, etc.) 

Source: ©2014 Service Canada.

For more information, contact Service Canada at 1-800-662-6232.

 

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