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29 Jan

Home Renovation Tax Credit, Ends Soon!

General

Posted by: Michael Hallett

February 1 is the last chance for homeowners to qualify for the Home Renovation Tax Credit. Based on eligible expenses, the assistance means a maximum tax creidt of $1,350.00. The Program was first introduced by the federal government as part of its Economic Action Plan. The government estimated the stimulus measure would cost $500 million in 2009-10 and did not budget for the program to continue into the 2010-11 fiscal year. The HRTC can be claimed on 2009 income tax returns and applies to expenses of $1,000.00 or more, but less than $10,000.00. It applies to work performed or good acquired after January 27, 2009 and before February 1, 2010. The Greater Vancouver Home Builders’ Association has complete details on the program. Phone 778 565 4288 or http://www.gvhba.org/default.aspx.