[DWC]

First time user. Does the $1,350 tax credit mean that by spending $10,000 you claim a $9,000 income tax credit when filing and recieive $1,350 cash back or that you are merely entitled to a tax credit claim of $1,350 with a much smaller cash amount forthcoming. Also, can spouses double up and benefit individually if $20,000 spent on renovations? Thanks!

 

[onomatopoeia]

First time user. Does the $1,350 tax credit mean that by spending $10,000 you claim a $9,000 income tax credit when filing and recieive $1,350 cash back or that you are merely entitled to a tax credit claim of $1,350 with a much smaller cash amount forthcoming. Also, can spouses double up and benefit individually if $20,000 spent on renovations? Thanks!

it's family based, and not individual based.

It's going to be a new line(s) on the tax form, so I'm pretty sure they plan it so you receive the full 1350 and not a percentage

 

[lb71]

It will be a non refundable tax credit worth up to $1350. You add that to your other non-refundable tax credits (personal basic amounts, CPP, EI, transit, etc) and deduct it off your total taxes owing for the year. If it exceeds the taxes then you do not receive an additional refund, you just lose any additional credit.