Home renovation tax credit


June 11th, 2009

Planning some renovations to the house or cottage this year?  You may be eligible for the new Home Renovation Tax Credit.  The Conservative government of Canada has announced that the cost of home renovations or landscaping will be eligible for a 10% tax credit.  You can do the work yourself or hire a contractor.  The total expenses must be over $1,000, and you have to have receipts.  Read more about this at

http://www.cra-arc.gc.ca/tx/ndvdls/sgmnts/hmwnr/hrtc/menu-eng.html

Filed under: Consumer Tax by David Boese 2 Comments »

2 responses to “Home renovation tax credit”

  1. Nick says:

    Are there any tax benefits to building a new house instead of renovating one?

    Thanks!

    Nick

  2. David Boese says:

    Nick, that is a question I have been asked a number of times. I’m thinking no, since the legislation is worded completely towards renovations. I quote: “The HRTC can be claimed for renovations and enduring alterations to a dwelling, or the land on which it sits.”

    I wouldn’t rule it out entirely though, since building a house does exactly what this tax credit wants you to do: get out there and buy stuff.

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