Time is running out for homeowners looking to take advantage of the Home Renovation Tax Credit (HRTC), which expires at the end of January. The credit allows home owners to claim a one-time amount on their 2009 income taxes if they spent between $1,000 and $10,000 on home improvements between January 27, 2009 and February 1, 2010.
While the word “home” tends to conjure images of freehold housing, condominium owners are also eligible to take advantage of this credit, although, some owners might be unsure of how to claim the HRTC.
Condo owners can claim both eligible expenses made to their unit and also the portion of their condo fees allocated for renovations made to the common areas of their building. However, people who rent a condominium unit are not entitled to claim this credit.
Contact your condominium corporation to see if there’s any money that you can claim. In order to apply for the HRTC you’ll need to have the eligible amount in writing. Claiming common area expenses might make the difference between being able to claim the credit and missing out.
