OTTAWA (04 February 2009) – “It’s already been one week since any Canadian who spends money on home renovations has been eligible to receive up to $1,350 in tax relief thanks to the new Home Renovation Tax Credit proposed our Economic Action Plan,” states Leon Benoit, Member of Parliament for Vegreville-Wainwright.
“As the Prime Minister stated, every time Canadians invest in home renovations, they are helping to create construction and building-supplies jobs in their own communities,” explains Benoit. “By providing an incentive for Canadians to invest in their homes, we are also encouraging them to invest in local jobs.”
The Home Renovation Tax Credit will provide a one-year, temporary 15% income tax credit on eligible home renovation expenditures for work performed, or goods acquired between January 27, 2009 and February 1, 2010. The credit may be claimed on eligible expenditures exceeding $1,000 but no more than $10,000.
“I know, given the labour market in Alberta, that many people face long delays in trying to find skilled craftsmen to do certain home repairs and renovations,” says Benoit. “However, I want my constituents to note that this tax credit specifically includes the purchase of materials for work such as:
- Renovating a kitchen, bathroom or basement
- New carpet or hardwood floors
- Building an addition, deck, fence or retaining wall
- A new furnace or water heater
- Painting the interior or exterior of a house
- Resurfacing a driveway, and
- Laying new sod.”
Benoit went on to explain that the HRTC will be family-based and family members will be able to share the credit. “It’s also important to note that the amount eligible for the credit will be based on the total value of eligible expenditures incurred across all eligible dwellings for that family.”
“This Home Renovation Tax Credit is one of several initiatives to help homeowners and homebuyers we have included in our Economic Action Plan,” concluded Benoit. “However, before homeowners, homebuyers, and local construction and building supply workers can benefit from these new initiatives, Parliament must pass the 2009-2010 Federal Budget.”
Click here to download the Backgrounder on the Home Renovation Tax Credit
