Moises | "This year you can claim any home renovations worth between $1000-10,000 performed from january..."
This year you can claim any home renovations worth between $1000-10,000 performed from January 27 2009 through February 1 2010. They have to be considered permanent to the home - a new roof, water heater, kitchen are all eligible expenses; house cleaning, new furniture, a new flat-screen TV are not. The renovations can be done to your home, cottage, condo, or land, as long as you own it and live in it, but if you also use part of your home for business, only renovations to the areas for personal use qualify. You can receive a tax credit for a maximum of $1350.
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Hilda | "The hrtc or home renovation tax credit is a fifteen percent tax..."
The HRTC or Home Renovation Tax Credit is a fifteen percent tax credit made available for home owners who make certain improvements on their home or property between January 27, 2009 and February 1, 2010. Improvements or additions amounting to an amount of one thousand dollars minimum to ten thousand dollars maximum can include renovating a bathroom, basement, or kitchen and that includes new windows, flooring, doors, furnace, fireplace, woodstove, water heater, or water softener. Any combination totaling at least one thousand dollars qualifies for the fifteen percent tax credit. Additionally included are landscaping, new roofing, painting of a house, new driveway or resurfacing an existing driveway. New swimming pools are included but not the cleaning of an existing pool. Home fixtures such as shades, blinds, awnings, shutters, fans, and lights are allowed but not appliances, furniture, audio and visual electronics, or tools. This fifteen percent tax credit is subject to Parliamentary approval and further information can be found at the web address cra.gc.ca/hrtc or by calling 1-877-959-1-CRA.
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 Q. If i claim for the renovation tax credit, will that information be used to re-assess my property tax? by knowing i renovated, they could determine that my property is now worth more and thus tax me more.
"And your local city/county tax assessor communicating..."
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Q. How does cra know i didn't take all the materials i claimed under the home renovation tax credit? i recently re-shingled my roof and bought all the materials at home depot. i ended up taking back about $500 worth of material that wasn't needed. how will cra know that i didn't actually use all the materials if i still have the original receipt? couldn't i just buy $15000 worth of material then return it and then claim for the tax credit?
i know its illegal, but that wasn't the question.
"And could get you to prison for tax fraud..."
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Q. My girlfriend and i are buying a house together, can we both claim the $8000 tax credit if we file separately? is the tax credit specific to the house or the individual? the house is $300k, so split between us we would each take a mortgage for about $135k after a 10% downpayment. this makes a big difference to our renovation plans. thanks
"The credit would be allocated between you..."
No, the credit would be allocated between you. It can be allocated according to how much money you put in-- if one of you puts in 75% and the other puts in 25% you can allocate the credit 75/25. Or you can allocate it according to ownership-- if you will both own it 50/50, even though one of you may have put in more money, you can allocate the credit 50/50.
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Q. Canada's home renovation tax credit question? who should claim? the higher earner in a home, the lower earner, or split it in some way?
"Since its a non-refundable tax credit..."
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Q. Home office tax question.? we are running a home office and have done a large renovation to the home. we claimed the new home renovation tax credit, can we still use the same renovation for an office write off, or is that double dipping?
"You can only use the tax credit on personal living area and..."
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Q. Quicktax - first time filing taxes online (canada)? my dad's accountant usually filed taxes for me but i didn't like his new accountant so i thought i would try it myself this year.
anyone have any experience with quick tax? i chose this option only because you can do it online (ie. i don't have to go and buy a program to download to my computer). i don't have very complicated taxes. pretty much just my income tax and i'm a home owner...which leads me to my other question.
anything i should look to claim being a home owner? so far i know:
- property tax
- home renovation tax credit and that's it! lol
one more question, i hear you have to have a u file number to file online - how do i go about getting this?
"The interview will guide you through all the things you need to claim..."
Quicktax is great and handles very very complicated taxes. The interview will guide you through all the things you need to claim.
I think you mean "NETFILE", not "U-File". Your four-digit access code that enables you to use NETFILE is printed on the information sheet of your T1 personal income tax return package. Or you can request it by following the instructions here:
http://www.netfile.gc.ca/ccsscd-eng.html
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Q. Is a new detatched garage included in the canadian hrtc? i built a garage this summer that set me back $11,600 total cost due to the fact that i done all the labour. can i claim my detached garage with the canadain home renovation tax credit?
that first answer was no help! revenue canada has not gotten back to me on the matter. the question is if a detached garage qualifies or not, not an attached garage that will remain a perminent fixture to the dwelling. the website is clear on that but does not mention a detached garage.
"Mere seconds by searching "canada home renovation tax credit"..."
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Q. Legal woes involving motgage, co ownership, probate and family law. any true advice as to how to deal? ? i inharited a 450,000 dollar home with my sister. she had bad credit so we quick claimed her portion to me so i could borrow some equity and pay the steep taxes and do some renovations and blah blah blah
i regretfully doctored the paperwork to embelish my work history and bank statements so i would get appoved for the loan. this was so bad,i know but i was scared about the state taking the house due to all the back taxes and fees so i acted out of fear and ignorance.
fast forward 1 1/2 years...
my sister has gone nuts!!!! she wont work, she wont take care of the house, she is terribly depressed and drinks a lot, she does not help me repay pay the mortgage, she kicked me out then my other sister a week later. i am left living with a friend with my baby while i pay the total mortgage on my own. in addition to all that, my sister is demanding i give her more money since she spent up the 60,000 i gave her already.
she calls me at all hours, demanding money, threatening my life, threatening to burn down the house and all in it!
worst of all she said she will expose my fraud to the bank and have them foreclose on me. can this be done? i pay the mortgage, will they take my home and all the equity left in it?
can i evict her? can i "divorce" her in court? will i ever have peace again? do i need a lawyer? i know she has contacted one (the fool called me thinking i was my sister idiot!)
remember i do own the house...well with the bank too. what should i do?
Can I evict her? yes, you own the property, you can evict her. Just make sure to check your local laws and do it by the books, she has established residency there so you can't just change the locks and leave her stuff on the curb.
can I "divorce" her in court? not really, you can use the court system to sort this mess out, but you can't make her not your sister anymore, all you can do is straighten the housing/money mess out and make sure you have the right paperwork to defend yourself if this situation arises again.
Will I ever have peace again? Maybe, with time, but it will be tough to ever rebuild your relationship with your sister.
Do I need a lawyer? yes. if you go at this without a lawyer, and she has one, you will loose. if you can convince your sister to get rid of her lawyer, sit down and discuss the situation like reasonable adults, and agree on terms, then you might be able to do this without a lawyer. But that is contingent on her firring her lawyer and acting like an adult, which sounds like a long shot. If you do agree on something, put it in writing and have a lawyer review it to make sure its clear and covers all possibilities, then both of you should sign it and have it notarized.
You're lawyer can give you better advice about the false information you put on the loan documents. Chances are that if you keep making your payments on time the bank won't care. It might be a good idea to look into refinancing the loan though, so you can close the loan that was taken out on false info, but get more advice from your lawyer.
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