Federal Budget 2010


March 1st, 2010

Finance Minister Flaherty will deliver the 2010 federal budget on March 4 at around 4:00 on EST (that’s 5:00 pm for those of us in Nova Scotia.)

We have been duly warned not to expect anything in this budget except bare-bones stuff.  No more renovation tax breaks.  No more big breaks for homeowners.

We’ll see if the current Conservative government can resist slipping in a couple of tax breaks, for the headlines they will make if nothing else.

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Renovation Tax Credit


December 14th, 2009

Don’t forget……the renovation tax credit is still scheduled to end on January 31, 2010. ¬†Apparently those extensions that Minister Blackburn hinted at aren’t materializing! ¬†So, if you want to benefit from the reno tax credit, you ¬†have to get going.

You are allowed to buy eligible supplies by January 31, and install them after that date. ¬†These costs will still qualify. ¬†On the other hand, if you are hiring someone else to do your work for you, only the portion of the work that is completed will qualify, even if you have paid for the whole ¬†project by January 31. ¬†In other words you can’t pay someone on January 31 and then have ¬†them do the work in February. ¬†This makes sense ¬†since without this regulation you’d have all manner of interesting arrangements taking place!

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Sept 1, 2009: ¬†The country’s top tax man, also known as¬†Jean-Pierre Blackburn, Minister of National Revenue, was in beautiful Nova Scotia yesterday. ¬†He dropped off a cheque for $121,000 to a local company, and he was also dropping hints that there may be an extension to the Home Renovation Tax Credit.

“It is going very, very well,” Blackburn told The Chronicle Herald‚Äôs editorial board Tuesday.

“It started on Jan. 28 and it will stop on 31 January (2010) but I may say we already have many requests asking us to postpone it for one more year, so I am sure the minister of finance will look at that carefully.”

You can read the full story here:  http://thechronicleherald.ca/Columnists/1139389.html

EDIT by David Boese, January 28, 2010: Well, it’s not looking so good for that extension, folks. ¬†The Minister of Finance, Jim Flaherty, is telling us that the credit is scheduled to stop January 31, 2010. ¬†Or, is he just building suspense for his March 2010 budget? ¬†Probably not, but we’ll see.

Remember, if you have your supplies purchased and paid for by the end of January, they’ll qualify for the HRTC, even if you don’t have everything installed by that date.

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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 »