Federal Tax Credit for Renovations on your home – this year only!
While the downturn in the economy may get some people nervous about spending their hard earned dollars on fixing up the home front, the Canadian government has made it a bit easier on families by providing tax relief with the new home renovation tax credit (HRTC). The government of Canada implemented a temporary Home Renovation Tax Credit (HRTC) this year which will enable many home owners to claim back some of the costs associated with home renovations. The HRTC covers projects carried out between January 27th 2009 and February 1st 2010. The HRTC can be claimed for renovations and lasting alterations to a dwelling, or the land on which it sits.
