Take Advantage of the ‘Home Renovation Tax Credit’

Never a Better Time to Renovate!

Legacy Kitchens is pleased to assist you in understanding how you can take advantage of the ‘Home Renovation Tax Credit’.

Between January 27, 2009 and February 1, 2010 you can start that renovation project you’ve been putting off. The Home Renovation Tax Credit will allow you to save money on your home renovation project.

More Cabinets. Less Taxes.

We’re kitchen experts, not tax experts. However, we’ve taken the liberty of outlining some of the details below from the Federal Budget announcement. But every Canadian’s tax situation is unique and it is ultimately your responsibility to understand how this tax credit affects you.

Home Renovation Tax Credit Highlights

1. The credit applies to home renovation expenditures over $1,000 to a cap of $10,000 per family.  The credit rate is 15%.  Therefore, the maximum credit is $9,000 x 15% = $1,350.
2. The credit isn’t affected by the person’s income level.  However, the person claiming the credit has to have tax payable against which to apply the credit.
3. Expenditures for work done after January 27, 2009 and before Feb 1, 2010 will qualify for the credit.  However, if the work is done pursuant to an agreement entered into before January 28/09 it doesn’t qualify.  Therefore, work you do on projects under agreements already entered into won’t qualify.
4. Only work done on eligible dwellings qualifies.  Generally, the dwelling must be a principal residence.  Many vacation properties qualify as a principal residence but you should understand the fine print to see if these properties are included for your situation.
5. Expenditures for routine repairs or maintenance do not qualify.  Also, the cost of appliances and audio visual electronics do not qualify.
6. The budget document says claims for the credit must be supported by receipts.
7. If the renovation expenditures are paid to a non arms length company or person, they don’t qualify.
8. The credit is claimed on your 2009 tax return, including the amount claimed for expenses incurred in January 2010.

For more information on the Home Renovation Tax Credit, please visit:

HOME RENOVATION TAX CREDIT

If you’re ready to talk kitchens – please give us a call or drop by our showroom:

Get Directions / (403) 291-6868

Legacy Kitchens
2980 Sunridge Way NE
Calgary, Alberta T1Y 7H9