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Home Renovation Tax Credit
July 1, 2009
It's July 1... are you sitting on the back deck noticing the wood rot, considering that there's only half a year left to qualify for this $1,350 federal tax credit?
Spend over $1,000 and up to $10,000 to get the full credit and you have until February 1, 2010 to spend your money on legitimate expenditures paid to legitimate renovators who are registered for the GST/HST.
Double up on medical expenses and home reno credits for qualifying renovations. Check out S. 118.2(2)(l.2) or Regulation 5700 for renovations and installations that might qualify.
Allocate your expenditures between personal use property and home office or rental suite - remember that only the personal use portion qualifies for the HRTC
For more information on this proposed legislation check out
http://www.taxdetective.ca/homeoffice.html and link to the CRA FAQ
Play it safe, register for WCB, purchase building permits, hire licenced plumbers, builders and electricians. It will pay off, not only in safety, saleability and insurability, but tax credits are in your future.
Eileen Reppenhagen CGA does not research or endorse any product or service appearing in ads on this site. Before making any major financial decision(s) you should consult a qualified professional.
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