REMINDER: Home Renovation Tax Credit Deadline February 1, 2010

We are closing in on the February 1st deadline and thought you may benefit from a friendly reminder.

For those who don’t already know, a non-refundable tax credit is available to you for work performed or goods acquired in relation to a renovation or alteration to an eligible dwelling, after January 27, 2009 and BEFORE February 1, 2010.  The 15% credit may be claimed on the portion of eligible credits exceeding $1,000 but not more than $10,000, for a maximum credit of $1,350.  Eligible expenses for goods acquired during this period, even if they are installed after January 2010, will still qualify.  If an eligible expense involves work performed by a contractor or a third party, and the work is not completed by the end of the eligible period, only the portion that is completed before February 1, 2010 will qualify even if a payment is made.

A new schedule will be included in your 2009 tax package to allow you to list your eligible expenses and to calculate the amount you can claim.  Also a new line will be added to Schedule 1 to claim the HRTC.

Click HERE for examples of eligible and ineligible expenses.

For more information please visit Canada Revenue Agency’s website.