The Home Renovation Tax Credit (HRTC) makes this a great time to buy a “fixer upper”

I am always looking information that might be useful for homeowners and for those planning to become homeowners. I think the new Home Renovation Tax Credit is especially helpful for buyers who are considering taking advantage of one of the many available deals on ”fixer upper” type properties.

The HRTC will provide a temporary 15-per-cent income tax credit on 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 credit may be claimed for the 2009 taxation year on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, and will provide up to $1,350 in tax relief.

For more information on this program check out http://www.budget.gc.ca/2009/plan/bpc3c-eng.asp