Be good to the Environment – Be good to your Pocket
Were you a Québec resident on December 31, 2016?
You may be able to claim the refundable RénoVert tax credit for 2016 in respect of recognized eco-friendly renovation work done to an eligible building you own or co-own. This same tax credit may also be applied for 2017 projects.
This is where it gets interesting: to claim the credit, you must have had recognized eco-friendly renovation work done to your principal residence or to a winterized cottage (that you normally occupy) by a qualified contractor, under a contract entered into after March 17, 2016 and before April 1, 2017.
The amount of the tax credit, capped at $10,000, corresponds to 20% of the amount by which your eligible expenses paid exceeds $2,500.
So what is recognized eco-friendly work?
Work relating to the envelope of a dwelling, for example: insulation of the roof, exterior walls, foundations and exposed floors. Installation of doors or windows – installation of a green / white roof, or sealing.
Work relating to the mechanical systems of the dwelling, such as: heating, air conditioning, water heating, or ventilation systems.
Water conservation and quality. Soil quality. And other renewable energy devices.
So improve your dwelling while respecting the environment and get up to 10K in tax credit.
A small but noteworthy gesture in the right direction.
We don’t have a society if we destroy the environment.
~ Margaret Mead