Mi1t o ri 0O ESTIE%'w878 7777tlj Achie ement Tayor** zAward Eoker 90-854-9833 Pager: 905-878-7777 ~2co&Ï/idee fi me. * LICENSED PROFESSIGNAL SINCE 1974 E-mail: taylor@globalserve.net Toi Free: 1-877-878-7729 Deadline Iooming for home renovation tax credit- David McDonald wasn't planning to completely renovate bis bathroomn but when the Federal govemment introduced i, iii the new $10,000 Home Renovation Tax Credit (HRTC) in january 2009, it was an opportunity he didn't want to miss. "The bathroom plans moved from a few changes to com- ,1 1111C1ýd 11 pletely upgrading the room," explains McDonald. "If 1 can get a tax break by investing in my house, it seemed hike a good idea to take full advantage of the credît." ( 1l1I 1 According a recent survey by Ipsos Reid, McDonald is not alone. The survey says that 47 per cent of homeowners are renovating more thanks to the new HRTC. But there is a looming deadline for the credit. "If yoii want to take advantage of the HRTC on your 2009 tax return, you need to have the work completed or buy (ilI'\lNltN.1(" 0t d"0 your materials byjanuary 31, 2010," says Cleo Hamel of the id0\C lIJhodn l]1t Tax Advisory at H&R Block (hrblock.ca). ii1 )li ) in order to qualify for the credit, the renovation needa to add integral value to the home. So regular maintenance does not count but painting, replacing floors and installing new shutters do. The credit is calculated as a non-refundable tax credit and there is a minimum of a $1.000. If you spent $8,000, the credit is calculated by $8,000 - $ 1,000 and then multiplying by 15 per cent. Your credit is $1,050. Hamel says that whiîe there are some exc.eptions, a gen- eral rule of thumb is if the work has to stay with the house TPAI if you moved, it is usually covered by the HRTC. "Dont be afraid to ask a tax professional for advice KMEE because we are seeing many positive decisions come out ofv the Canada Revenue Agency," explains Hamel (1-800- sehnemee HRBLOCK). "But keep your receipts in case you are asked ý,rmxetec to prove your claim." wwwnewscanada.com