Seniors may miss out on reno tax credit

My Mom is upset having seen this report. She has done renovations to the house and now will see no money back. I fear a lot of seniors are in the same situation having had work done they could not afford. Most thinking that tax rebate will help them get things done and they will get money back on the job. Hey and as the political ad says I can help the Canadian economy get back in order.

Do they also get medical advice from their plumbers? Next time they should do some of their own research or get tax advice from a tax expert.

The info on who is able to receive this tax credit was not made clear. This is an important point and one now found out too late after the deed is done. I am sure those that it does not apply to would have not gone ahead and had the work done, or would have spread the work out as the couple in the story said.

This is a big deal it will affect a lot of Canadian seniors directly and others indirectly. Some will have to bail out their senior parents debts. It may even cause financial hardship and in some cases bankruptcy. The people that can not afford the loss the most are seniors and people of low income.

Will this be affecting you or your family for the coming tax season?

In order to get a tax credit, you have to pay taxes? What pisses me off is that these people paid taxes for years, keeping the economy going through good times and bad yet now they get the shaft because their income isn't sufficient to live above the poverty line.

We can bailout banks, auto companies and extend financial help to the unemployed, but when it comes to taking care of our own aged family members, the attitude becomes fuck em. If the Government's so cheap that it can't give these people the $1350 renovation tax credit, it speaks volumes about how cheap and petty we are as a nation.

Sure it was.

Endless advertisements on TV and in print for a website to visit and a number to call for more information. They information was widely available online or via mail for those interested.

If you take income tax advice from a dude at Home Depot, you have nobody to blame but yourself.

Has it passed yet? I thought it still wasn't decided on.
Anyway, it is a tax CREDIT, and for that, you need to pay taxes so you can deduct. I am doing a HUGE renovation, and $1350 is nice, but I am not counting on it.
I don't understand that people can all of a sudden think they can afford to do work on their house BECAUSE they think they get $1350 back.

Because I don't work full time anymore, some years I earn enough to pay taxes on, other years I don't. I always understood the 'tax credit' to be just that. A credit! If I earned enough in '09 to require payment of taxes, then I am entitled to a $1,350 tax deduction.If I didn't earn enough to require payment of taxes, then 'cest la vie'! Regardless, I would certainly support Seniors and low-income receiving a $1,350 rebate.

This is not directed at you BB, but kids with an ageing parent(s) need to take time out of their busy life's and get a bit more involved in their parents life's as they grow older. I know the time I put in, and I can't understand how they would let their parents get into these kinds of situations.

Their some of the most vulnerable people in society, a person has to take care of them.

Exactly where in the ads did it make this clear? In no way was this point made in any government ads.

Exactly where in the ads did it make this clear? In no way was this point made in any government ads.
In the small print. I've seen it numerous times.

Home Renovation Tax Credit (HRTC) Only available for the 2009 tax year.

This link is in the first line of the article. ' non-refundable tax credit on CRA website. Sorry if your Mom feels she 'got burned' BB, but it is pretty clear.

The link isn't working. Google Home Renovation Tax Credit

ns-The Home Renovation Tax Credit is a non-refundable tax credit based on eligible expenses for improvements to your house, condo or cottage. It can be claimed on your 2009 income tax return. It applies to work performed or goods acquired after January 27, 2009, and before February 1, 2010 under an agreement entered into after January 27, 2009.

Important Notice
Eligible expenses for goods acquired during this period, even if they are installed after January 2010, will still qualify. If an eligible expense involves work performed by a contractor or a third party, and the work is not completed by the end of the eligible period, only the portion that is completed before February 1, 2010 will qualify even if a payment has been made.

The HRTC applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum non-refundable tax credit of $1,350 [($10,000 ? $1,000) � 15%].

Topics for Home Renovation Tax Credit
Can you claim the HRTC?
Eligibility, time limits, dwelling and eligible expenses How to calculate your HRTC
Worksheet and examples of calculations
How to claim your HRTC
Acceptable supporting documentation, medical expense tax credit and other tax credits Questions and answers
Frequently asked questions and answers
Where you can get HRTC envelopes Tax tip




For more information, call CRA's individual income tax enquiries service at 1-877-959-1-CRA (1-877-959-1272).

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Okay. I'd be interested to know how close am I to the general consensus with this statement. Seniors who don't pay taxes due to a low income threshold must be gullible because some of them didn't read the fine print on the governments documents.

They unlike any other tax paying Canadians who reads everything the government puts out, then went ahead and spent their meagre savings on stupid things like renovations, thinking they we're helping the economy, while maybe, getting a little of their own money back in the process?

I never thought I'd live to see the day when a Canadian Government, started acting like the proverbial aluminum siding salesmen when it came to dealing with some of it's seniors.

ANYONE with a low income treshold wont get anything back, not just seniors.
ANYONE who does reno's on his house does not do that because they are "helping the economy", but to better their house, so they get either more for it when they sell it, or they want to live better.

It has not much to do with seniors, that is just a personal side of this story.

True enough. Although I still think that this whole thing marginalizes people be they seniors or low income earners.

So with regards to what I've written, in place of senior all you have to do is put poor, to make the statement broad enough to cover the entire spectrum of people who are getting burnt.

Unfortunately I disagee with your statement about who does reno's on their house. Working in the industry I know alot of people who, with or without disposible income wouldn't have spent the money on reno's if they didn't think they'd get something back to ease the pain. Sure it helps them out when they sell or improves their lifestyle but alot of these reno's weren't essential and people would have waited till the economy picked up if it hadn't been for this rebate.

The unfortunate part of this whole situation is that some people who get reno's done won't be any further ahead. There is a small group of contractors and suppliers out there that have conviently bumped their prices up by around 15%, so any benefit the homeowner would have gotten has now gone into their pockets.