For Release - August 1, 2009
OTTAWA- August 2009 – Member of Parliament Ed Holder is pleased
to provide the following article for use in your publication without
charge.
Making Your Home Project Better
With summer here, and
frequent visits to the hardware and gardening stores, some of you
may be considering a larger home project.
Our federal government has made it more affordable for you
and has stimulated the economy and created jobs in the process.
The new Home Renovation Tax Credit is a non-refundable tax credit for work
performed or goods bought for renovations on a housing unit that is
an individual's principal
residence or that of one or more of their family members.
The credit will be for
eligible expenditures for work performed or goods acquired after
Jan. 27, 2009 and before Feb. 1, 2010. Agreements prior to Jan. 28,
2009 will not be eligible.
Eligible expenses
include renovating a kitchen, bathroom or basement; new carpet or
hardwood floors; building an addition, deck or fence; a new furnace;
a new driveway; or painting a house.
Ineligible expenses include furniture, appliances, audio and
visual electronics, curtains, tools and house cleaning.
Eligibility for the
credit will be family-based. If two or more families share the
ownership of an eligible dwelling, each family will be eligible for
their own pro-rated separate credit.
The credit will only be
available for the 2009 tax year and applies to eligible expenditures
of more than $1,000, but not more than $10,000, resulting in a
maximum credit of $1,350 ($9,000 x 15%).
To be eligible,
expenditures incurred in relation to a renovation or alteration to
an eligible dwelling must be of an enduring nature and integral to
the dwelling, and includes the cost of labour and professional
services, building materials, fixtures, rentals, and permits.
Eligible expenditures must be supported by acceptable
documentation.
In the case of
condominiums and co-operative housing corporations, the individual's
share of the cost of eligible expenditures for common areas will
qualify.
Keep all your receipts!
The 2009 personal income tax return will have a new line to
allow you to claim the credit.
Full details are on the Canada Revenue Agency’s website at
www.cra.gc.ca or by calling toll-free 1-800-267-6999.
-30-
