Tax Credit and Home Renovation

If you are renovating your home this year, you will find this information quite useful. The Federal and Provincial government have recently implemented two Home Renovation Tax Credits.
I found out about it though CIGM TV,  where Pierre Langlois, Manager of Government Affairs at the Québec Federation of Real Estate Boards, explains the details of this new program in a video.

What I could gather from the video, here are the amounts covered by each government:

Federal: 15% of expenses from $1,000 to $10,000. Maximum deduction of $1350

Provincial: 20% of expenses from $7,500 to $20,000. Maximum deduction of $2500

Find out how much you can be entitled to, by using the online calculator at Finances Quebec website.

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Posted by:  Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889


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Comments

  1. Studio MontrealNo Gravatar says:

    Hello Deya,
    This article is particularly interesting, thanks for blogging on Montreal Real estate! Najat

  2. Tom KinleyNo Gravatar says:

    I’m so excited about this new feature, and what a stunning example to kick it off with. A beautiful house indeed.

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