Are you eligible?
The LogiRénov tax credit allows individuals to claim tax credits for the renovation of their home. To qualify, an individual must meet certain conditions :
- Own the home you wish to renovate and use it as your principal place of residence;
The building to be renovated has to be a single family home, a townhouse or condominium; - In the case of a duplex or triplex used for residential purposes, only the person’s main residence is eligible for the tax credit;
- The work must be performed by a qualified contractor;
- If the individual owns an intergenerational home, appartments inside the house may be eligible;
- The owner must be a Quebec resident at 31 December, 2014.
The amount of LogiRénov tax credit is limited to $ 2,500. It will be equal to 20% of expenses that are eligible but after reaching a total of $ 3,000.
The table below shows the amount a person can obtain based on the extent of the work.
LogiRénov tax credits
Work amount | Tax credits amount |
Between 0 and $ 3,000 | $ 0 |
Between $ 3,000 and $ 15,500 | (The work – $3,000) x 20% |
$ 15,500 and more | $ 2,500 |
You can claim tax credits in the ÉcoRénov and the LogiRénov programs for the same year, on the condition that it be on different jobs. The work must of course comply with the requirements of both programs. For LogiRénov, you will find a list of eligible work at following this link: Recognized renovation work.
Note that two co-owners can get tax credits if they use their property as a primary residence.
For more information about LogiRénov, visit these provincial government websites at:
http://www.revenuquebec.ca/en/citoyen/credits/logirenov/default.aspx
http://www.finances.gouv.qc.ca/documents/bulletins/fr/BULFR_2014-6-f-b.pdf
–Source : acq.org