The Home Renovation Tax Credit is only available until February 1, 2010.

Right across Canada, home owners and cottage owners are renovating to meet this deadline.

Why this credit?  Curb the underground economy, generate legitimate economic recovery, keep people at home this summer with the threat of a pandemic flu?... all good reasons

YouTube Contest View Winning Entries Legislation Proposed Sep 14 2009 Press Release September 14, 2009 Explanatory Notes Notice of Ways & Means Motion Historical Background Canada's Economic Action Plan Budget plan and reasons Federal Budget February 2009 CanRev 20 questions on HRTC CanRev HRTC information page CanRev July 13, 2009 News Release CanRev Fact Sheet Action Plan Gov't of Canada CanRev list of places to pick up an envelope Ignatief favors HRTC What Qualifies? Eligible and Ineligible Expenditures Finance was inundated with requests for more specific information and issued opinions on September 9th 2009 about new docks, outdoor sauna buildings, solar panels, replacing siding and softits and facia, air conditioners, custom draperies, co-op housing, home security systems, landscaping, wireless broadband towers... most qualify if they are of enduring nature and meet the criteria.    Home Offices Home offices reduce your HRTC claim Allocate your expenditures between personal use property and home office or rental suite - only the personal use portion qualifies for the HRTC, but the business portion may qualify for special expense rules if the renovation also qualifes for medical reasons for business accommodation of persons with disabilities Medical Expense Tax Credit Income Tax Act S. 118.2(2)(l.2) and (l.21) (l.2) for reasonable expenses relating to renovations or alterations to a dwelling of the patient who lacks normal physical development or has a severe and prolonged mobility impairment, to enable the patient to gain access to, or to be mobile or functional within, the dwelling, provided that such expenses (i) are not of a type that would typically be expected to increase the value of the dwelling, and (ii) are of a type that would not normally be incurred by persons who have normal physical development or who do not have a severe and prolonged mobility impairment;   (l.21) for reasonable expenses relating to the construction of the principal place of residence of the patient who lacks normal physical development or has a severe and prolonged mobility impairment, that can reasonably be considered to be incremental costs incurred to enable the patient to gain access to, or to be mobile or functional within, the patient’s principal place of residence, provided that such expenses (i) are not of a type that would typically be expected to increase the value of the dwelling, and (ii) are of a type that would not normally be incurred by persons who have normal physical development or who do not have a severe and prolonged mobility impairment; Regulation 5700 Devices and Equipment One of Shell Busey's favorite Income Tax Regulations, with all kinds of construction terminology thrown in for good measure...  Article on Medical Expenses and Renovations ACB of personal use property Adjusted Cost Base Make sure you keep renovation receipts for personal use property as well as business use property.  Those costs are added to your Adjusted Cost Base and reduce your capital gains on sale of the property, or on deemed disposition at date of death. Other programs CHMC programs and financial assistance Financial assistance for homeowners and multi-unit projects is available but requires pre-approval CMHC grants for assistive devices and for building garden suites EcoAction ecoENERGY $5,000 grants Home Buyer's Plan Buy or build a qualifying home for yourself or for a related person with a disability, maximum per person withdrawal is $25,000 for 2009 and subsequent years Insurance Bureau of Canada Ensure your renovations have been included in your insurance policy or your policy may not be honored. Quebec For more info: http://www.taxtips.ca/qctax/personaltaxcredits.htm#QCHRTC TaxTips summary

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