Eligible goods and services purchased by January 31, 2010 still qualify

OTTAWA – Local MP Randy Kamp is reminding those who want to take advantage of the Home Renovation Tax Credit (HRTC) that time is running out.

“The Home Renovation Tax Credit was one of the highlights of Canada’s Economic Action Plan and has been very popular with Canadians,” said Kamp. “If you were thinking about investing in some home improvements, the HRTC qualifying period ends this Sunday, so don’t delay!”

The Home Renovation Tax Credit is a non-refundable tax credit based on eligible expenses for improvements to your house, condo or cottage. It can be claimed on your 2009 income tax return. It applies to work performed or goods acquired after January 27, 2009, and before February 1, 2010 under an agreement entered into after January 27, 2009. 

Eligible expenses for goods acquired during this period, even if they are installed after January 2010, will still qualify. If an eligible expense involves work performed by a contractor or a third party, and the work is not completed by the end of the eligible period, only the portion that is completed before February 1, 2010 will qualify even if a payment has been made.

The HRTC applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum non-refundable tax credit of $1,350 [($10,000 − $1,000) × 15%.]

More information on the HRTC can be found at www.cra.gc.ca/hrtc or by calling Canada Revenue Agency at 1-877-959-1272.

Kamp is in Ottawa this week working in his office, participating in meetings and carrying out his duties as Parliamentary Secretary.