Christmas wish list: Renovations that come with a tax credit!
As many homeowners may know, it was announced that the period of eligibility for the RénoVert tax credit offered by the Quebec government had been extended to March 31, 2019. This means that there is still some time left to get your renovations done and claim the tax credit. That credit can be a nice little gift under the Christmas tree for you. Or it can help pay off all the other gifts under the tree.
The RénoVert refundable tax credit was introduced on a temporary basis to encourage homeowners to renovate their home in eco-friendly ways that would improve energy efficiency and have a positive environmental impact, which is a win-win situation.
Of course, there are guidelines that must be followed in order to qualify, but in general the renovation work must be done by a qualified contractor under a contract that starts after March 17, 2016 and before April 1, 2019.
The renovation work must be done on a home you own or co-own that was built before January 1, 2016 and is a single family home, condo mobile home, or apartment. It can be a principal residence or a winterized cottage. You can check here to learn more about whether your home qualifies.
The good news is that you can get a tax credit worth up to $10,000. The amount you get corresponds to 20% of your “qualified expenditures”. Qualified expenditures are expenses that are related to eco-friendly renovation work and include items such as permits, contracting services, goods supplied by a contractor and used to carry out the work, clean up and more. The expenditures must exceed $2,500.You will have to confirm your expenditures qualify and you can check here for more details.
At Mose Home Inspection Services, we want to make sure you know everything you need to know about your home. There is nothing worse than starting a renovation job and encountering a lot of unforeseen problems that jack up your budget and hold you hostage. We always strongly suggest having a home inspection done before you start your renovation project to ensure you know what you are dealing with beforehand. Read our blog on this subject here.
To get the RénoVert refundable tax credit you must claim it when you file your income tax return. So you may not have a fat, little check sitting under the tree this year, but when the credit comes in, that credit card bill with all your holiday shopping may be a lot easier to deal with. For me, that reduces the accumulated stress of holiday shopping. Make sure your renovation meets the guidelines, take advantage of the tax credit, appreciate your eco-friendly home, enjoy the holiday period and have a prosperous new year. Happy holidays from the pros at Mose!