News RenoVert – Quebec offers new renovation tax credit!
If you reside in Québec as of December 31, 2016, you may be entitled to the RénoVert refundable tax credit for 2016. This tax credit is in place for recognized eco-responsible renovations for a qualifying home that you own or co-own. You may also be entitled to this tax credit for 2017 if you reside in Québec as of December 31, 2017.
You can benefit from this tax credit if you have a qualified contractor, under an agreement entered into after March 17, 2016 and before April 1, 2017, carry out recognized eco-renovation work on your The principal place of residence, or your year-round habitable cottage that you normally occupy.
The maximum tax credit that can be granted, in respect of your eligible home for the years 2016 and 2017, is $ 10,000.
Please note that if you incurred eligible expenses in 2016 and 2017 for your home, the eligible expenses that will be used to calculate the tax credit for that home in 2017 will not be reduced by $ 2,500. Only the portion of this amount that did not reduce your 2016 eligible expenses will reduce your eligible expenses for 2017.
If you are co-owner of the eligible home, you can share the tax credit with the other co-owners. However, the total amount claimed for this dwelling must not exceed $ 10,000, which is the maximum amount for a qualifying home.
To learn more about the RénoVert tax credit, click here.