Personal Finance

Claiming Repairs/Renovations for 2010 Tax Year (for Personal Return)?

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  • Feb 26th, 2011 4:09 pm
Newbie
Dec 16, 2005
68 posts
1 upvote

Claiming Repairs/Renovations for 2010 Tax Year (for Personal Return)?

I live in a Condominium shared with about 40 other units. Approximately 2 years ago, we found out there was a lot of work that needed to be done to keep everything sound. After quite a long time of the council researching contracters, getting detailed assessments done, etc. each unit was given a special assessment of approximately $15000. This was paid in Jan 2010.

Our council recently issued letters stating the nature of the assessment and the exact dollar amount of how much we paid; several owners had requested this for "tax purposes." Obviously with this being such a large sum of money, it would be fantastic to use some or all of it in my tax summary. I remember hearing about a renovation credit for 2009 tax year, but I'm not sure if there is something like that for 2010.

Not know too much about the process, I would love to get some guidance/advice.

Thanks
3 replies
Newbie
Nov 25, 2007
96 posts
4 upvotes
Toronto
lifeguard23 wrote: I live in a Condominium shared with about 40 other units. Approximately 2 years ago, we found out there was a lot of work that needed to be done to keep everything sound. After quite a long time of the council researching contracters, getting detailed assessments done, etc. each unit was given a special assessment of approximately $15000. This was paid in Jan 2010.

Our council recently issued letters stating the nature of the assessment and the exact dollar amount of how much we paid; several owners had requested this for "tax purposes." Obviously with this being such a large sum of money, it would be fantastic to use some or all of it in my tax summary. I remember hearing about a renovation credit for 2009 tax year, but I'm not sure if there is something like that for 2010.

Not know too much about the process, I would love to get some guidance/advice.

Thanks

Unforturnatly, you can't claim any of it on your personal tax return.

For 2009 this would have qualified for home renovation tax credit, which would have given you $1,000 but these credit does not apply for 2010 renovations.

The only possible way to claim a portion of these renovation is if you use part of your condo for business purposes. But in order to do that you must meet several tests. ie. work exclusively from home or see clients on a regular basis at home.

Sorry

I wish there was a better answer.
Member
User avatar
Jan 22, 2008
271 posts
15 upvotes
Burlington
Yes, the HRTC ended in the 2009 tax season.

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