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How to Take Advantage of the New Home Renovation Tax Credit Program

By Molly Wider

Republish: EasyPublish™ Published: 07Nov2009 Word count: 405 Viewed: 289 time(s) Get Free Content For Your Site

Recently in Canada, there has been significant media exposure on the tax savings opportunity offered by the Home Renovation Tax Credit Program (HRTC). The initiative is not only designed to spur the Canadian economy, but to also offer an once-in-a-lifetime opportunity to put some money back into your pocket for expenses that would not otherwise be eligible for tax credits.

This is especially true if you were already planning to carry out home renovations, either out of necessity, or, more wisely, to maintain or increase your property value.

However, as inviting as the HRTC program may be, it is valid only for renovation expenses incurred between January 27th, 2009 and February 1st, 2010; thus, if you have not yet taken advantage of the program, act now because time is running out.

In these days of tight cash, taking advantage of this opportunity may not be as simple as one would think. Borrowing from the bank for a home renovation loan can be both a difficult and frustrating experience, and if your credit is less than perfect it may become impossible.

It is at this point that creative solutions may come in handy. Instead of trying the traditional bank loan road in vain, or giving up on the opportunity to increase the value of your property and at the same time claiming home renovations deductible expenses on your 2009 income tax return, if you own your vehicle or mobile home, you are well positioned to apply for and obtain a title loan.

A title loan offers a very practical way to obtain the cash you need to carry out your home renovations. Moreover, title loan lenders do not need your credit to be perfect to qualify you for the loan and the process is quick, at the contrary of the banks that keep you biting your nails for days only to turn you down at the last minute.

The beauty of all of this is that by obtaining your loan, you'll be able to increase your home value through the home renovations without need to disburse savings or hard earned cash; you'll be able to pay back the loan through convenient monthly payments that are within your budget and by doing so rebuild your credit. As an added bonus, you'll be able to claim tax credits on your home renovation expenses - money that could be used to repay your loan. Talk about killing three birds with one stone!

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