|
CANADIAN Home Renovation Tax Credit (HRTC)
The home renovation tax credit is a non-refundable tax credit based on eligible for improvements to your house, condo or cottage. It can be claimed on your 2009 income tax return. It applies to eligible purchases made after January 27, 2009 and before February 1, 2010. The HRTC applies to eligible expenses of more than $1,000 but not more than $10,000, resulting in a maximum non-refundable tax credit of $1,350 [($10,000 - $1,00) x 15%].
Examples of eligible expenses
Windows and Doors
Claim your Tax Credit
Documentation, such as agreements, invoices, and receipts, must clearly identify the type and quantity of goods purchased or services provided, including, but not limited to, the following information: information that clearly identifies the vendor/contractor, their business address and, if applicable, the GST/HST registration number;
a description of the goods and the date when the goods were purchased; the date when the goods were delivered (keep your delivery slip as proof) and/or when the work or services were performed; a description of the work performed including the address where the work was performed; the amount of the invoice; and proof of payment.
Receipts or invoices must indicate paid or be accompanied by other proof of payment, such as a credit card slip or cancelled cheque.
Retain your sales receipt/invoice – keep for tax filing purposes. Claim the corresponding tax credit for your purchase on your Federal taxes. Purchase and installation of qualifying products must occur between January 27, 2009 and February 1, 2010.
For more details, visit: http://www.cra-arc.gc.ca/hrtc/
|