The Home Renovation Tax Credit (HRTC) is a 15% non-refundable tax credit for eligible home renovation costs not exceeding $10,000 incurred prior to February 1, 2010. The maximum credit of $1350 would be claimed on the 2009 tax return. Family members would be subject to a single limit, but the HRTC will not be reduced by other tax credits or grants. The taxpayer's principal residence would be eligible. In the case of a condominium or cooperative housing, the individual's share of eligible expenditures on the common areas would be included. Here are some examples of Eligible and Ineligible HRTC Expenditures:
The First-Time Home Buyers' Tax Credit has also been affected. First-time home buyers will be able to withdraw a maximum of $25,000 from a Registered Retirement Savings Plan (RRSP) under the Home Buyers' Plan, an increase of $5,000. This plan may also be available if you have not owned a home in the last 5 years. Also, a non-refundable tax credit based on the amount of $5,000 was introduced for those first-time home buyers who acquire a qualifying home after January 27, 2009. Individuals eligible for the Disability Tax Credit can claim this credit when a home that is purchased is more suited to their personal care needs. Also, the individual's spouse or common-law partner can claim any unused portion of the Credit.
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