Recently implemented, the LogiRénov tax credit program is available to Quebec residents having work done on their home in 2014 or 2015. The following are the main characteristics of the provincial home renovation tax credit program.
1- What type of residence is eligible?
The LogiRénov program applies to renovations done to a principal residence considered a single-family home, a pre-fabricated house or mobile home, a condominium or duplex or triplex constructed before January 1, 2014.
2- What type of work is covered?
The renovation work that qualifies for this tax credit must be done to improve, adapt or expand the residence. However, no adjoining structures, with the exception of an adjoining garage or carport, are eligible. Here are a few examples of some renovation work that is recognized for the tax credit:
- Replacement of rain gutters or the roofing
- Renovation of a room in the dwelling
- Finishing a basement or attic
- Replacement of the plumbing or lighting system
- Installation of an alarm system
- Expansion of the living space of the dwelling
- Conversion of a single dwelling into an intergenerational house
- Replacement of weeping tile or the foundation drain
- Waterproof sealing of the foundations or repair of the foundations
- Replacement of the exterior siding.
3- Who can carry out the work?
For the renovation work to be eligible for the LogiRénov program, it must be carried out by a qualified contractor who has all the appropriate permits necessary for the work. So, you cannot carry out the renovation work yourself, regardless of whether you are a contractor or not.
4- What are the eligible expenses?
Any amount that exceeds $3,000 can qualify for this credit for a maximum sum of $2,500 or 20% of the eligible expenses. So, to reach the maximum tax credit, renovation work exceeding $15,500 must be carried out. In addition, any other assistance received for this renovation must be subtracted from the eligible expenses. Also, this amount is good for 2014 and 2015, which means that you cannot claim this credit more than once.
5- How can the tax credit be claimed?
When filing your income tax return, you must enclose the LogiRénov Home Renovation Tax Credit form. The documents will be available at the same time as the 2014 income tax return documents. In addition, you must keep your quotations, estimates and bills in case we ask for them.
For more information about this program, please visit the official website: http://www.revenuquebec.ca/en/citoyen/credits/logirenov/default.aspx