Canada Revenue Agency has released some more information about the new Home Renovation Tax Credit. First it is only for work on a principle residence, a rental property isn't eligible. And anywhere you earn money in the home is off limits for this tax credit.
That means you can't claim work done on a basement suite if you are renting it out, or on a home office or workshop where you do a home business. It's for personal use areas only. And here's a further wrinkle. Let's say half your house is rented out and half you live in. If you get a new roof, Canada Revenue Agency says you only get to claim half of it for the tax credit --same would go for any work done on the home's common areas.
You could claim a wheelchair ramp you build up to your front door and you can also claim it for your medical expenses too-- you get to claim both for anything that qualifies for both. Also, if you receive any government tax credits or grants in connection with renovation work done you don't have to deduct those so you can double up some benefits.
Here's a link to the complete list of what qualifies and what doesn't.
