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Press Releases/News
Home Renovation Tax Credit (HRTC) May 2009 FOR IMMEDIATE RELEASE Home Renovation Tax Credit (HRTC) Only available for the 2009 tax year Under proposed changes, you can claim a non-refundable tax credit on your 2009 income tax return based on eligible expenditures incurred for work performed or goods acquired after January 27, 2009, and before February 1, 2010, in respect of an eligible dwelling. The Home Renovation Tax Credit (HRTC) applies to eligible expenditures of more than $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 [($10,000 - $1000) x 15%]. Eligibility In determining whether you are eligible to claim the Home Renovation Tax Credit (HRTC), you will need to take the following factors into account: Your dwelling must qualify. Generally, any dwelling that you own and is used personally by you or your family can qualify, including your home or cottage. Eligibility for the HRTC is family based. A family will be allowed a single credit that may be shared within the family. To be eligible, expenditures incurred in relation to a renovation or alteration to an eligible dwelling (or the land that forms part of the eligible dwelling) must be of an enduring nature and integral to the dwelling. The expenditures must have been incurred after January 27, 2009 and before February 1, 2010, according to an agreement entered into after January 27, 2009. All expenses must be supported by receipts, so keep them in case we ask to see them. Non-refundable tax credit As with all non-refundable tax credits, the HRTC will reduce your federal income tax. If, however, the total of all your non-refundable tax credits is more than your federal income tax, you will not receive a refund for the difference. About R.D.M. Financial Consultants A Mortgage Centre franchise since 1990,we boast a staff of 12 Mortgage professionals serving Mississauga, Etobicoke, Burlington, Milton and surrounding areas. With the combined experience of our Mortgage Professionals we are able to deal with almost all mortgage and financing requirements. For more information, please visit us on the web at www.rdmmortgages.com or call us at (905) 337-7375. << Back to Press Releases |
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