| Canada's Home Renovation Tax Credit (HRTC) | | | | - Laying new sod |
| provides a one-year, temporary 15% income tax credit | | | | - Labor costs |
| on eligible kitchen and home renovation expenses for | | | | - Professional fees |
| work performed or supplies purchased from January | | | | - Building materials |
| 27, 2009 to February 1, 2010. Canadian homeowners | | | | - Fixtures |
| can put some of their tax money back into their | | | | - Equipment rentals |
| pocket provided they take advantage of this year's | | | | Some examples of ineligible HRTC Tax Credit |
| tax deduction. | | | | expenses include: |
| Kitchens Etc. encourages homeowners who are | | | | - Purchases of furniture and appliances |
| renovating or upgrading their home, to keep all of their | | | | - Purchases of tools |
| original receipts. Before preparing their 2009 tax return, | | | | - Carpet cleaning |
| Kitchens Etc. will provide an itemized list of eligible | | | | - General maintenance contracts (e.g. furnace cleaning, |
| products or services used in their kitchen or bathroom | | | | snow removal, lawn care, pool cleaning). |
| renovations to help claim their home renovation tax | | | | Source : Canada Revenue Agency and the |
| credit expenditures. | | | | Department of Finance Canada . |
| The Home Renovation Tax Credit may be claimed on | | | | SCENARIOS OF KITCHEN RENOVATIONS AND |
| expenses over 1,000.00 but not more then 10,000. As a | | | | HRTC INCENTIVES. |
| result, the home improvement tax rebate will provide | | | | * Stephen recently had Kitchens Etc. install new |
| Toronto homeowners up to a maximum $1,350.00 tax | | | | Aurora Maple Cappuccino Cabinets with glass doors |
| savings. ($9,000 x 15%) | | | | and a new Granite countertop and sink. The costs |
| WHO QUALIFIES FOR THE HOME RENOVATION | | | | incurred were over 18,000.00, but because of the 9,000 |
| TAX CREDIT (HRTC)? | | | | eligible expenditures, they received a tax relief of |
| In order to qualify for the Home Renovation Tax Credit | | | | $1,350. |
| (HRTC), expenses can be claimed for: | | | | * Caroline and Mike had Kitchens Etc. install new |
| - Renovations and improvements to a home, cottage | | | | Integra Cherry Nutmeg Cabinets with glass doors, |
| or condo unit that is used as a principal residence. | | | | handles and knobs. They also ordered a Silestone |
| - Building materials or supplies used for home | | | | (Sienna Ridge) Countertop. They incurred $20,000 in |
| renovations or kitchen and bathroom renovations such | | | | expenditures renovating the kitchen. Caroline and Mike |
| as: | | | | can claim a HRTC Tax Credit of $1,350. |
| - Permits | | | | For instance, if homeowners spent $1,000.00 that is the |
| - Contractors | | | | deductable, but if they spent $2,000, they would |
| - Laborers | | | | receive a tax credit of $150.00. If they spend $5,000, |
| - Equipment rentals | | | | they would receive a tax relief of $600.00. If |
| Some examples of eligible HRTC Tax Credit | | | | homeowners spend over $10,000, they still only receive |
| expenses include: | | | | a tax credit based on $10,000. |
| - Renovating a kitchen, bathroom or basement | | | | INVEST IN YOUR COMMUNITY |
| - New carpet or hardwood floors | | | | Every time a Toronto homeowner invests in home |
| - Building an addition, deck, fence or retaining wall | | | | renovations or kitchen and bathroom renovations, they |
| - A new furnace or water heater | | | | are helping create jobs for construction workers, |
| - Replacing your air conditioning system | | | | contractors and building suppliers in their own |
| - Upgrading the insulation in your home | | | | community. Isn't that what boosting the economy is all |
| - Painting the interior or exterior of a house | | | | about? |
| - Resurfacing a driveway | | | | |