The Home Renovation Tax Credit (HRTC) was a tax break available to homeowners who made eligible improvements to their homes. Eligible expenses included the renovation of kitchens, bathrooms and basements; updating heating and air conditioning systems; replacing old doors, windows and flooring; and many other home improvements.
This renovation credit is no longer in effect, but there are still financial options available to you if you'd like to start renovations.
When did the HRTC expire?
The HRTC was only available during the 2009 tax year. Homeowners who made improvements to their houses, condominiums, townhouses or cottages were eligible to claim the HRTC. The renovations, remodeling or other qualifying work had to be performed between January 27, 2009, and February 1, 2010.
Other options now that the HRTC is no longer available
Home renovations can certainly be costly, and the home renovation credit helped to alleviate some of those costs. If you need some financial assistance to undertake a remodeling project, there are still loan and line of credit options available to you.
- Home equity line of credit: If you've owned your home for several years, you've built up equity by making mortgage payments. Take advantage of that equity by applying for a Home Power Plan®. You'll enjoy low interest rates and a reusable line of credit that lets you make major purchases like flooring, new doors and windows, drywall and other new fixtures. Plus, you can take out money on your line of credit from your debit card, bank machine, online and more.
- Personal loan: If you don't have much equity available, you might consider a personal loan. The funds can be used for anything, including home improvements. You can choose your preferred repayment plan as well as whether you'd like a variable or fixed interest rate. You can also secure your loan, and benefit from a lower interest rate and a higher credit limit.
- Personal line of credit: On the other hand, you may prefer a reusable line of credit to make home improvements. After all, remodeling can be an ongoing process. With a line of credit, you can borrow and repay the funds as you need them. Once you apply, you don't have to reapply.
Work with CIBC on your lending needs
You can fill out a loan application online, stop into a CIBC bank branch, or speak with CIBC advisor at 1-866-294-5964.