Seal up your last few purchases
It’s the final countdown to knock off home renovations that qualify for the Home Renovation Tax Credit. Sunday’s the last day, folks, so get out there and purchase that insulation, caulking, tankless hot-water heater and other great stuff that will make your home more energy efficient. You don’t have to actually install these things before Sunday, but if you’re paying someone else to do the labour, fees for any work done after Sunday don’t count.
The HRTC is a tax credit against your income of 15 per cent of what I’ll call permanent upgrades to your home and surrounding property, as well as the labour fees paid to do the work. You can only claim expenses after your first $1000 spent, and that’s only for receipts dated January 27, 2009 to January 31, 2010. The maximum refund is $1,350. For all the details, see the government website.
So far I think my partner and I are up to about a $500 tax credit, thanks to masonry work, adding insulation to our attic, a lot of plumbing and electrical supplies and many other bits and pieces. 15 per cent isn’t an incredible amount of money, but we’re doing the work, so we might as well get the tax benefit. Hopefully the real payback will come from the ecoEnergy Retrofit program and, of course, in reduced utility costs (and a smaller carbon footprint).
If you’ve collected your receipts but need a tool organize your expenses and calculate what you’ll get back, download the Homemakers HRTC tool here.
