The Canada Revenue Agency has launched a tax credit for all those individuals who had bought, renovated, built and sold a home during the financial year of 2023 -24. To claim for the $7,500 Home Renovation Credit you have to fill the tax return during the tax filing session. The CRA has launched this tax credit initiative to promote the citizens to buy or renovate their home and to promote the construction company so that the construction companies will receive the new work opportunities which will help in increasing the Canadian economy. All first time buyers or disabled people can claim the tax credit of $7,500 Canada Home Renovation Credit April 2024.
$7,500 Canada Home Renovation Credit April 2024
Home Renovation tax Credit is a new refundable tax credit launched by the CRA that can be claimed by the individuals for the year of 2024. In this HRTC you will be eligible to claim the renovation expenses made by you during the year to start a secondary unit owned by you. This secondary unit allows a senior or disabled person who is eligible to get the claim of disability tax credit to live with the relative who is qualified as per the tax rules. If you want to get a claim over the renovation expenses then you should check your eligibility criteria first to be the beneficiary of $7,500 Canada Home Renovation Credit April 2024. You can claim an amount of $50000 as renovation expenses which is qualified expenditure made for the qualifying renovation which is completed at the time of claim. You will get a tax credit of upto 15% or your cost or $7500 whichever is less to be eligible to get the claim.
canada.ca $7,500 Home Renovation Credit April 2024 – Overview
| Name of the Tax credit | Home Renovation Tax Credit |
| Launched by | Canada Tax Revenue Agency |
| Year of launched | Financial year 2023 – 24 |
| Credit Amount | $7500 or 15% or total cost |
| Expenses claim upto | $50000 |
| Who are eligible | Canadian individuals |
| Post Category | Finance |
| Country | Canada |
| Official website | www.canada.ca |
Check Eligibility For $7,500 Canada Home Renovation Credit April 2024
All the individuals who are going to live or currently living in the existing secondary or home must fulfill the given criteria to be eligible to get the claim for $7,500 Canada Home Renovation Credit April 2024.
- To make a secondary unit in the house or on the existing property you had the renovation cost.
- A secondary unit can be a home which has a private entrance, bathroom, kitchen and sleeping area or A newly constructed or created existing place of living that did not fulfill the recruitment to be a secondary dwelling unit before the construction or Full fill local requirements which are applicable, codes, permits and bylaws.
- Doesn’t matter when the renovation work starts but it matters when it ends. As you can claim for the renovation expenses in the year in which the construction is completed.
- The individual who is living in the existing dwelling or the person who is going to live in this secondary unit must be a qualifying individual. You have to fulfill the below criteria to be the qualifying individual:
- Must be 65 years or older at the end of the tax year in which renovation Ended.
- Or have the minimum age of 18 years and maximum age of 64 years and eligible to get the DTC(Disability Tax Credit) during the renovation period (would be if the restriction for attendant care were not counted).
- Anyone who is going to claim for the credit must be an eligible individual. To be eligible to get the benefit, individuals must live in Canada from 1st January, 2024 to 31st December, 2024 in the year in which they are claiming for the credit. An ordinary reside or willing to ordinarily reside in the dwelling which is eligible on or before 12 months from the date on which the renovation period of a qualifying renovation ends. And is the one of the following:
- a qualifying individual
- Spouse or common law partner of the qualifying individual at any time during the tax year in which you are going to claim.
- Have a qualifying relation with a qualifying individual
- Or have an eligible dwelling and has a qualifying relation with the qualifying individual
- This is the only MHRTC claim for the qualifying individual as a qualifying individual can claim for the MHRCTC once in their whole life. Qualifying individuals can eb a person who is 65 years or older or an adult who is eligible to get disability tax credit.
How Can One Claim Home Accessibility Expenses April 2024
You can claim for the qualifying expense which is made by you for qualifying renovation to make an eligible dwelling:
- If it allows a qualifying individual to get access to the dwelling or mobile or functional with in the dwelling or
- To reduce the risk of harm of the individual when he is in the dwelling or or when accessing the dwelling.
Claim canada.ca $7,500 Home Renovation Credit April 2024 If You Fulfill:-
- You reaches the age of 65 years or above are eligible to get the disability tax credit
- Or you are an eligible individual who gets the claim for the certain tax credit on the behalf of the individual.
Conditions To Claim $7,500 Canada Home Renovation Credit April 2024:
- Dwelling must be located in Canada
- Dwelling is owned by a qualifying individual or qualifying relation of qualifying individual
- Ordinarily inhabited by the both qualifying individual or qualifying relation of qualifying individual.
Online Link To Claim canada.ca $7,500 Home Renovation Credit April 2024
| $7,500 Canada Home Renovation Credit April 2024 | Canada.ca |
FAQs on $7,500 Home Renovation Credit for Canada in 2024
$7500 or 15% of total cost whichever is less will be paid as the beneficiary amount for the home Renovation Credit for Canada in 2024.
Any Canadian citizen who is 65 years or older and disabled can claim for the benefit of $7,500 Home Renovation Credit for Canada in 2024.
An individual can claim once in their whole life for the Home Renovation Credit for Canada in 2024.