Home Renovation Tax Credit
This program provides a non-refundable tax credit for work performed or goods acquired related to eligible expenditures on an individual’s principal residence (or cottage) incurred between January 27th, 2009 and February 1st, 2010.
The credit is family based and is available only for the 2009 tax year. It applies to expenditures in excess of $1,000, but not more than $10,000 and is based on a rate of 15%.
The maximum credit available is $9,000 x 15% = $1,350.
For example, if you spent $9,500 replacing windows in your home during the eligible period (2009) you would receive a tax credit worth $1,275.
The Government of Canada provides additional answers to frequently asked questions, including a list of eligible and ineligible expenditures on their website located at:
http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhmrnvtn-eng.html#q1
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