Caught off guard by tax credit
Posted Jan 25, 2010 05:29:07 PM.
This article is more than 5 years old.
Some of the country’s major big box hardware stores say the federal home renovation tax credit has helped ease the recessionary sting this year.
Millions of Canadians invested in their homes spending anywhere from a few dollars to tens of thousands of dollars.
Most were counting on the tax credit to offset some of those costs, but it appears some are in for a bit of a surprise when it comes time to file their income taxes this year: Not everyone is eligible.
Gena Katz, a tax expert with Ernst and Young, tells 570’s Jeff Allan it comes down to how much you pay in taxes.
If you don’t pay enough, you won’t be eligible.
That’s how some seniors got caught off guard.
Katz says it’s not unusual for a husband and wife who are seniors to earn 50-thousand dollars a year and pay no taxes.
In that case, they would not be eligible for the tax credit.
The maximum credit is $1,350.
