Take Advantage of the RénoVert Tax Credit!
In an effort to incentivize homeowners to make environmentally-friendly upgrades to their homes, the Government of Quebec has implemented a tax refund plan called the RénoVert program. This program is designed to encourage people to invest in eco-friendly home renovations, many of which will also save homeowners money in the long run.
This temporary program can only be claimed on your income tax return in the 2016 and 2017 taxation years. It is important to act now!
Details on the RénoVert tax credit
The Government of Quebec wants to encourage local citizens to invest in renovations that improve the energy-efficiency of a home. A more efficient home is not only safer for the environment, it can also save you a considerable amount of money on energy costs.
You qualify for the credit if your recognized eco-friendly home renovation work was done on an eligible home whose initial construction was started before January 1st, 2016. You can have 20% of your eligible expenses that exceed $2,500 – up to $10,000 total – claimed on your taxes (spent between March 17, 2016 and October 1st, 2017).
What is an eligible dwelling?
In order to qualify for the Quebec RénoVert tax credit, you must have work done an eligible dwelling. An eligible dwelling is a residence that you own or co-own as your principal residence or a winterized cottage that you regularly occupy. It must be:
- a single-family home
- a permanently installed prefabricated house or mobile home
- an apartment in a building held in divided co-ownership (condominium)
- a dwelling in a residential duplex or triplex
- a winterized cottage that you normally occupy
It is important to note that the work must be performed by a licensed contractor in order to qualify for the tax credit.
Isolation Multi-Services has been serving Montreal and the surrounding area providing high-quality and eco-friendly insulation installation for several years. If you want to take advantage of the temporary RénoVert tax credit for eco-friendly home renovations, don’t delay. Contact Isolation Multi-Services today.