You may be able to receive up to $1,350 in Tax Relief on your flooring renovations!

We encourage all of our valued customers to safely file your 5 Star Flooring invoices for your
financial advisor to review at the end of the taxation year.


The information contained in this summary has been obtained from the budget documents published by the Federal Government and is being provided for the convenience of our customers. The following sets out our understanding of the HRTC and is not meant to be relied on or taken as tax or legal advice. To ensure the accuracy of this information and its application to you, please review the documentation published by the government and, if you require further information, please obtain from your own financial advisors. Additionally, all information included is subject to any changes that may be made by the government.

Home Renovation Tax Credit (HRTC)

Home renovations are smart investments in the long term value of a home.

Temporary, Timely and Targeted Stimulus

The HRTC will apply to eligible home renovation expenditures for work performed, or goods acquired, after
January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009.
The temporary nature of the credit will provide an immediate incentive for
Canadians to undertake new renovations or accelerate planned projects.
The HRTC can be claimed for renovations and enduring alterations to a dwelling.

How the HRTC Will Work

The 15-per-cent credit may be claimed on the portion of eligible expenditures exceeding $1,000,
but not more than $10,000, meaning that the maximum tax credit that can be received is $1,350.

Who Can Claim the HRTC?

Taxpayers can claim the HRTC when filing their 2009 tax return. Eligibility for the HRTC will be family-based.
For the purpose of the credit, a family is generally considered to consist of an individual,
and where applicable, the individual’s spouse or common-law partner.

Examples of HRTC Eligible Expenditures

At this point in time, this is what is eligible. It is expected that the product categories may expand.

• Renovating a kitchen, bathroom, or basement

• New carpet or hardwood floors

Examples of the Benefits of the Home Renovation Tax Credit

The following examples illustrate how homeowners can benefit from the HRTC:

• Sandra and Tony are a couple who have recently purchased a house. In response to the temporary HRTC, they decide to replace their old basement carpet and put hardwood in their kitchen in their home in 2009, instead of waiting,
incurring $10,000 in expenditures. After taking into account the$1,000 minimum threshold,
a 15-per-cent credit will be available on $9,000 in eligible expenditures, providing tax relief of $1,350.

• Karen and Tina are sisters who share ownership of a condominium unit. They each incur $7,500 in expenditures renovating the
kitchen in the condo. Karen and Tina each claim a $975 credit on eligible expenditures of $6,500 ($7,500 - $1,000).

How Can I Get More Information?

Additional information on the Home Renovation Tax Credit will soon be available on
Canada Revenue Agency’s website at www.cra.gc.ca
Information is also available at www.fin.gc.ca

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