 Items such as residential swimming pools, decks and fences are eligible under the temporary Home Renovation Tax Credit (HRTC). ©Image from BigStockPhoto.com The temporary Home Renovation Tax Credit (HRTC) contained in Canada's 2009 federal budget should help the industry by encouraging homeowners to make a pool purchase this year. The tax credit is designed to provide $3 billion to encourage homeowners to invest in upgrading and renovating their home and backyard. The HRTC applies to home renovation expenditures made between January 27, 2009 and February 1, 2010. The temporary nature of the credit will hopefully provide an immediate incentive for Canadians to undertake new renovations or accelerate planned projects. The 15 per cent credit may be claimed on expenditures exceeding $1,000, but not more than $10,000, for a maximum tax credit of $1,350. According to the newspaper La Presse, items such as residential swimming pools are eligible under the tax credit, including inground and permanently installed above-ground pools. Inflatable pools are not eligibile. Also eligible are renovation projects such as building a deck, fence or retaining wall and laying new sod, along with associated expenses such as building permits, professional services, equipment rentals and incidental expenses. The credit can be claimed on expenditures for one or more of an individual's eligible residential dwellings, including houses, cottages and condominium units owned for personal use. Routine repairs and maintenance will not qualify for the credit. Nor will the cost of purchasing furniture, appliances, audio-visual electronics or construction equipment. About 4.6 million families in Canada are expected to benefit from the credit. |
