YOUR ECO-FRIENDLY HOME RENOVATION COULD SAVE YOU THOUSANDS – RÉNOVERT
Did you know the Rénovert tax credit is available for the 2016 and 2017 tax years? If you’ve had some “green” renovations this year, here’s what you need to know.
Over the past few weeks we’ve been surprised to learn that very few of our customers are aware of one of the most exciting news for homeowners to emerge this year.
Recently, Revenu Québec opened up a generous tax credit to encourage its citizens to “go green” when they renovate their homes. The credit is good for up to $10,000, and makes eco-friendly investment in your home more attractive than ever. Just be sure you understand how it works:
Rénovert Tax Credit Basics
First and foremost, it’s important to recognize that the credit is for renovations only, not new construction. But even if your home is relatively new, you may still be able to claim the credit. As long as the “initial” construction of your home was completed before 2016, that home may qualify.
You must own or co-own the dwelling and it must be Québec. Plus, it must be either your principle residence or a winterized cottage you normally occupy. That may include:
- a condo
- a row house
- a mobile home
- a duplex or triplex
- a single-family detached house
- a semi-detached house
The dwelling must be hooked up to the grid. That includes electrical and some combination of:
- a waterworks
- septic tank
- artesian well
If you’re not sure whether you or your home qualifies for a tax credit, someone from our team can help. We’re on the road throughout Montreal.
The work for which you claim the credit must have been completed by a contractor who is established in Québec as well as licensed. The contractor cannot be the owner or spouse of the person claiming the credit.
Eco-friendly work done must be under contract between March 17, 2016 and April 1, 2017.
You may claim 20% of eligible expenses paid between March 17, 2016 and October 1, 2017, over $2,500 and up to $10,000.
Here are a few examples of eco-friendly renovation projects that qualify for the Rénovert tax credit:
- A living roof
- Installation of ENERGY STAR doors, windows, or skylights
- Water-proofing your foundation
- Insulating your roof, walls, foundation, and exposed floors
- Switching from oil to a qualified natural gas or propane system
- Switching to central AC (from window units)
- Decontamination of soil that’s been spoiled by fuel oil
- Installation of solar panels
There are dozens of other ways to qualify for the Rénovert tax credit this year and next. It’s an exciting proposition for homeowners, as well as a strong argument for “going green” on your home renovations. Want to learn more? We can help – contact us online or give us a call: +1 (514) 865-6767.