LOGIRÉNOV HOME RENOVATION TAX CREDIT

 
Important
You can claim the LogiRénov home renovation tax credit only for the 2014 and 2015 taxation years. You must claim it when you file your income tax return.

This refundable tax credit has been implemented on a temporary basis to encourage individuals, be they owners or co-owners of a dwelling, to renovate their principal residence, expand it, adapt it to the special needs of a family member or convert it into an intergenerational home.

The renovation work must have been done by a qualified contractor (This link will open a new window) under a contract entered into after April 24, 2014, and before July 1, 2015. The initial construction of the dwelling must have been completed before January 1, 2014, and the dwelling must be one of the following:

To qualify for the tax credit, the work done must essentially cover the living space of the home as well as its exterior siding and roofing. What's more, to encourage households to incorporate eco-friendly work into their home renovation projects, all work recognized for the purposes of the EcoRenov tax credit and carried out after that tax credit has expired (that is, work done under a contract entered into after October 31, 2014) will be recognized for the purposes of the LogiRénov tax credit.

 

Examples of work recognized for the purposes of the LogiRénov tax credit

Renovating one or more rooms of the home (kitchen, bathroom, living room, etc.)

Finishing the basement

Replacing floor coverings

Replacing the plumbing

Replacing the exterior siding

Repairing the roofing

Replacing the rainwater gutters

Replacing a weeping tile, sanitary drainage, fall pipe or foundation drain

 
Note
No structures adjoining or accessory to the dwelling, other than an adjoining garage or carport, will be considered as being part of an individual's eligible dwelling. For example, steps, patios, balconies, sheds, gazebos, outdoor hot tubs and outdoor swimming pools are not considered part of an eligible dwelling.

The amount of the tax credit corresponds to 20% of the portion of an individual's eligible expenses that exceeds $3,000, up to a maximum tax credit of $2,500 per eligible dwelling.

If you are the co-owner of an eligible dwelling, you can split the amount of the tax credit with the other co-owners, provided the dwelling is the principal residence of all the co-owners. However, the total amount claimed in respect of the dwelling cannot exceed $2,500.

For more information on the types of renovation work that qualify for the tax credit, see the list of recognized renovation work.


Note
In addition to this refundable tax credit, you may be eligible for the financial assistance offered in respect of eco-friendly home renovation under the Rénoclimat program run by the Ministère de l'Énergie et des Ressources naturelles.
Angela Langtry

Angela Langtry

Real Estate Broker
CENTURY 21 Immo-Plus
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