Don’t go spending it all in one place!
I’ve heard a lot of people talking about doing some home renovations (The Scot loves home renos!) and the subject of the HRTC comes up quite a bit in conversation with the Bastard’s friends. Here’s what I understand about it, in short form:
- You can claim up to $1350 on your next taxt return
- This is the maximum amount, but in order to receive it you must spend over $9000 on qualified renovations
- Basically it’s like saving the tax, plus a smidge.
- It’s not like you can go over to Lowes and buy $1350 worth of power tools and claim it all back
- It’s not like you can go over to the beer store and buy $1350 worth of beer to ‘fuel’ your home reno project — although that would be awesome
- You pretty much have to wait until next year to get this money back. So it ain’t cash in yer pocket right away!
- Keep your receipts!
The Scot is planning on renovating his basement (finally) this year, and will post progress as we go. He intends on fully utilizing the tax credit, and suggests you do as well!
