To Everyone I Know

To all of my friends, clients, and colleagues;  

I recently came across an article  about our current situation right now and I wanted to share it with you.  So, here it is:

The recent events created from the spread of the coronavirus, or otherwise known as COVID-19 is a perfect example of just how fragile we humans are, on a planet that is reminding us that nature and physics are in control.

Unfortunately, even with our advanced technology, it’s still going to take a while before a vaccine is created. This is a very dangerous virus. It’s going to take its toll. Until the vaccine arrives, it’s imperative that we do everything we can to not get infected, or not infect someone else.

Eventually we’ll get through this and if we learn from it, our way of life, our health, and the economy will be better off. The one glimmer of hope that comes from this pandemic, is the way that people of different nations, political stripes, ideologies, and religions have come together cohesively to battle for the health and common good of all, as it is the only way.


The world is also facing another monster, it’s called ‘man-made climate change’. Let us hope that the lessons learned and the commonality that we all now identify with will incentivize all of us who occupy this glorious world, not only to cherish and take care of it, but to use it sustainably, not only to benefit our species, but all species.

If we’re going to save ourselves and the species of earth from climate change and future catastrophic events, again we’ll have to come together and work as one, as it is the only way.

And as we adjust and adapt to the new normal of social distancing and renewed hygiene, which we should have probably been doing anyways, we can reflect that we’re not doing this for ourselves, but for others.

And if we continue to put the health and wellbeing of others in our wheelhouse, we’ll have not only have saved future generations from catastrophic climate change, but we’d actually set an example and provide a template for all generations to come.

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What is the Home Renovation Tax Credit (HRTC) & How Can I take Advantage of It?

March 13th, 2009

The Home Renovation Tax Credit (HRTC)

·         Implemented in the 2009 Federal Government Budget

·         Is a non-refundable tax credit for work performed or goods acquired in respect to an Eligible dwelling?

·         An Eligible Dwelling is one’s principal residence, a cottage or summer home occupied personally.

·         A property you own that family members reside in during the time period from January 27th, 2009 to February 1st, 2010. 

·         Eligibility is family based.  A family is an individual and his/her spouse/common law partner including children less than 18 years of age by the end of 2009.

·         If 2 or more families own and occupy the same residence, then both families will be eligible for their own separate tax credit.

·         Eligible expenses must fall between $1,000 and $10,000.  The maximum tax credit is $1,350 (15% of $9,000).

·         The Tax Credit is ONLY for the 2009 Taxation year. 

 

What Qualifies as an Eligible Expense?

 

·         Expenses incurred with respect to a renovation must be of an enduring nature and integral to the home.

·         This includes cost of labor, professional services, building materials, fixtures, rentals and permits.

·         You MUST have documentation to prove this.  Agreements, Contracts, Invoices, or Receipts.

·         The type and quantity of goods purchased or services received must be listed.

·         The Contractor’s name, business address, gst/hst registration number as well as the address where the work was performed must be on the Documentation. 

·         Proof of Payment must be noted as well.

 

Eligible Expenses:

 

·         Renovations to a Kitchen, Bathroom or Basement.  *(appliances are not eligible nor is renovations to a tenanted basement suite in your principal residence)*

·         New Carpets or Hardwood Flooring.

·         Building of an addition, garage, deck, shed or fence.

·         Painting of the exterior and interior of your homeRe-shingling of a roof.

·         A new furnace, woodstove, boiler or water heater.

·         A new driveway or the re-surfacing of an existing one. 

·         Laying of new sod.

·         Swimming pools both in ground and above.

·         Costs of permits, equipment rentals and incidental expenses related to the renovation.

·         *If you own a condo and a special levy is approved for the upgrading of a Common Area and a special assessment is passed for this levy, you would be eligible for a tax credit based on your unit entitlement.*  Please check with your Strata Management Company, Accountant and Lawyer for specifics. 

·         Expenses are not eligible if the work performed or the goods acquired are provided by a person not dealing at arm’s length. For example, if your brother-in-law helps you re-shingle your roof and is not registered with gst/hst and you pay him in cash or cheque, then you can’t claim the expenses.

·         Renovations that qualify for the Medical Expense Tax Credit (METC) is an eligible expense and one can claim both the (HRTC) & (METC).

·         Eligible expenses will not be reduced by other qualifying Government grants or Tax Credits.

 

Please note that the above information is just a guideline and for complete details or information, please contact the CRA Canada Revenue Agency, www.cra-arc.gc.ca or speak to your Accountant prior to renovating. 

 

If you or anyone you know are thinking about Selling and wish to renovate prior to doing so, please call me for a no obligation consultation of which renovations will increase the property’s value more than others. Also, should you hear of anyone thinking of buying or selling real estate, please keep me in mind as I am never too busy for any of your referrals!

 

Regards,

 

 

 

Robert Britch

www.robbritch.com

www.vancouverbcrealestate.ca

Email:  robbritch@telus.net

Tel:  604-240-5813

Quality Service since 1993!

                                                   

 

 

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