Take advantage of the Home Renovation Tax Credit

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The following is now available on the CRA Web site

News Release

Ottawa, Ontario, January 7, 2010 … Rona Ambrose, Minister of Labour, and Christian Paradis, Minister of Public Works and Government Services today encouraged Canadians to take advantage of the Home Renovation Tax Credit (HRTC). Minister Ambrose and Minister Paradis spoke today at separate events on behalf of the Honourable Jean‑Pierre Blackburn, Minister of National Revenue and Minister of State (Agriculture and Agri‑Food).

“A key component of Canada’s Economic Action Plan (EAP), the HRTC provides powerful incentives for Canadians to invest in their homes, supporting employment in the construction and home-building industry, while realizing a significant tax savings of up to $1,350,” said Minister Ambrose in Edmonton, Alberta at a Home Depot outlet. “Our Government strongly encourages all Canadians to take advantage of this opportunity over the next three weeks.”

Canadians undertaking eligible renovations to their homes before February 1 will receive up to $1,350 in tax relief from the temporary HRTC. Approximately 4.6 million families in Canada are expected to take advantage of the credit, supporting jobs in the housing industry.

“Canadians are clamouring for information about the HRTC. The Canada Revenue Agency has had approximately 3.5 million enquiries and website visits related to the HRTC alone,” said Minister Paradis in Gatineau, Québec at a Rona outlet. “The interest in the credit, with the tax relief it provides, shows its positive impact on renovation activity, which promotes job creation in construction and trades.”

In the face of the deepest worldwide recession since the Second World War, the Government introduced the EAP, including one of the most comprehensive stimulus packages in the industrialized world. The Government’s priority will be rapid and effective implementation of Phase II of the EAP, which includes restoring a balanced budget once the economy is fully recovered and building a strong foundation for our economic future.

For more information about the Home Renovation Tax Credit and how to claim it, go to http://actionplan.gc.ca or http://www.cra.gc.ca/hrtc, or call 1‑877‑959‑1‑CRA (in French 1‑888‑959‑1‑ARC).

Source: CRA Newsroom

More information in the 1800HART Blog! (in plain english)

* http://1800hart.com/blog/2009/03/get-15-back-in-federal-home-renovation-tax-credits-when-you-spend-over-1000-on-home-improvement-renovations/

* http://1800hart.com/blog/2009/05/more-about-the-home-renovation-tax-credit-hrtc/

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