The Quebec government has extended the RenoVert tax credit program for renovation. RénoVert, a refundable tax credit designed to encourage Quebec individuals to undertake environmentally friendly renovation work carried out by recognized contractors.
The period of eligibility for the RénoVert tax credit has been extended to March 31, 2018.
The RénoVert refundable tax credit will equal 20% of eligible home renovation expenditures incurred by an individual in excess of $2 500, up to a maximum of $10 000.
Principal parameters of the refundable RénoVert tax credit
Floor for eligible expenditures : $2 500
Tax credit rate : 20.0%
Maximum tax credit amount : $10 000
Eligible renovation expenditures subject to the maximum tax credit : $52 500
Value of the RénoVert refundable tax credit depending on the amount of eligible home renovation expenditures
2 500 : 0
5 000 : 500
10 00 : 1 500
15 000 : 2 500
20 000 : 3 500
25 000 : 4 500
40 000 : 7 500
52 500 : 10 000
Eligible work includes installation of doors and windows.
To benefit from the tax assistance provided by the RénoVert refundable tax credit,individuals must enter into a contract with a recognized contractor to have the renovation work on their home done.
The agreement with the contractor must be concluded before April 1, 2018. However, individuals will have until January 19, 2019 to pay the renovation expenses covered in the contract.
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