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The Federal government has just introduced the Home Renovation Tax Credit for up to $1350.00 on certain types of work performed on eligible dwellings for the period between January 27, 2009 and February 1, 2010.
What is meant by eligible dwelling?
An eligible dwelling is a housing unit that is eligible to be an individual's principal residence or that of one or more of their family members, at any time between January 27, 2009 and February 1, 2010. In general, a housing unit is considered eligible to be an individual's principal residence where it is owned by the individual and ordinarily inhabited by the individual, the individual's spouse or common-law partner, or their children. This means that any dwelling that you own and use personally could qualify, including your home or your cottage.
Some examples of eligible and ineligible expenditures
Eligible | Ineligible |
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What types of expenditures will not qualify?
The following expenditures will not be eligible for the HRTC:
- the cost of routine repairs and maintenance normally performed on an annual or more frequent basis;
- expenditures that are not integral to the dwelling, and other indirect expenditures that retain a value independent of the renovation;
- expenditures for appliances and audio-visual electronics; and
- financing costs.
Information obtained from and copyright Revenue Canada. For more information on the Home Renovation Tax Credit visit http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhmrnvtn-eng.html
Title | Date | Author |
Home Renovation Niagara | 25/03/10 - 04:19 PM | PJK Construction |