The Federal Tax Credits Blog

Posts Tagged ‘home renovation tax credit hrtc 2009’

Question: Home Renovation Tax Credit?

Who can take advantage of new HRTC? What is the deadline? If I live in a condo am I still eligible?

Answer: Even if live in a condo, you can take advantage of HRTC. Ask your menagement for a receipt. You are paying a maintenance fees every month and part of this goes to some improvements and renovations of the building.

In response to jlf:

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.
Eligible
•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

The home renovation tax credit in the Jan. 27 budget applies to condominiums and even to eligible work undertaken by condo corporations.
In a typical condo arrangement, each condo-unit owner pays a monthly maintenance fee, which typically goes into the condo corporation’s general or reserve fund, from which the condo corporation would pay contractors’ renovation bills on behalf of the unit owners.
However, the credit is only available to individuals, not corporations, so, the condo corporation is not entitled to the credit. Instead, the draft legislation provides that a condo owner can claim the credit for qualifying renovations made on his or her own unit, as well as for his or her share of renovations of the common areas made by the condo corporation.
Check the CRA website for the documentation requirements to support claims for renovations made to the common areas of a condo building.

Track spending to avoid being house poor

Mounting debts and unfinished projects are par for the course these days and HGTV’s new House Poor (Mondays, 9 p.m.) is taking a cue from the times to help homeowners revamp their finances and complete necessary renovations.

Holmes Inspection Intro Theme Episode