Home Renovation Tax Credit - Is it right for you?

**MomToTwoBoys** · 11-15-2009, 09:08 PM

http://www.cra-arc.gc.ca/tx/ndvdls/s.../menu-eng.html

The HRTC applies to this upcoming year's taxes. You must spend more than $1,000 and less than $10,000 between January 27, 2009 and February 1, 2010 on items that improve the function of your home. This includes items like renovations to your kitchen, bathroom and bedrooms, new windows, new doors, driveway resurfacings, etc. It's a perfect way to get a sizeable tax credit on your tax return.

I'm just wondering who is planning on taking advantage of this tax credit. We are going to do as much as we can afford and make sure that we do over the $1k mark without going broke, but we need to do the renovations anyways (regardless of whether there is a tax credit break or not).

I think this is a great way to pump income into the economy and make it healthier.

So who will be taking advantage of it?

**ravenmaniac** · 11-15-2009, 09:42 PM

I have been saving my receipts. Of course last year we replaced the heat pump and the windows, go figure. This year we have replaced two exterior doors and a storm door. We have also purchased two water saving faucets.

We'll see what adds up. We hope to take advantage of it!

**Contrary Housewife** · 11-15-2009, 11:04 PM

As it seems to be a Canadian thing, probably not us. But we are getting a tax credit for the new windows we had put in this year, according to this program: http://www.energystar.gov/index.cfm?...edits.tx_index

**monkeywrangler71** · 11-16-2009, 07:58 AM

I don't know if we're over $1000 yet. I've been saving receipts all year, everything from a can of paint to a flat of perrenials (landscaping counts too). We didn't have a whole lot left to do in the house, any previous year I could have maxed this out.

We have to have some work down in the basement, I need to get it down before the deadline. I also want to make sure I buy the supplies for next years projects before Feb.

**monkeywrangler71** · 11-16-2009, 08:01 AM

That should say done, not down

**savvy_sniper** · 11-16-2009, 09:26 AM

There is a tax credit available in the U. S. also. Appliances, insulation, etc. It is for items that qualify and are purchased between 1/1/09 and 12/31/10 (I believe).

Hubby and I are planning to do some things and get the tax credit. They need to be done anyway and will reduce our energy consumption.

Here is a link with some information:

http://www.energystar.gov/index.cfm?...edits.tx_index

**MomToTwoBoys** · 11-16-2009, 10:53 AM

Originally Posted by monkeywrangler71

I don't know if we're over $1000 yet. I've been saving receipts all year, everything from a can of paint to a flat of perrenials (landscaping counts too). We didn't have a whole lot left to do in the house, any previous year I could have maxed this out.

We have to have some work down in the basement, I need to get it down before the deadline. I also want to make sure I buy the supplies for next years projects before Feb.

Yeah, this was my plan as well. DH told me last night that with Christmas coming up, he'd rather that we spent more money on the renovations after Christmas. I told him that was fine with me because I was getting a large check in January, which would be put towards replacing the counter top in the kitchen. If we can squeeze out another $400 on top of that, along with anything else, in a month's time then I think we'll be ok. If we don't make it, that's fine with us. However, it would be nice to get all of the stuff to take advantage of the tax credit. The bigger our tax check, the more we can use for our closing costs in June.