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Is Your Reno Project Eligible for LogiRénov Tax Credit Program?

February 19, 2015

Logi Réno Revenu Québec

Now is the time of the year when we need to file our income tax return. Nightmare for many, unavoidable task for others. If you have contracted a project after April 24, 2014, or if you sign for one before July 1st, 2015, Dilamco, your home renovation contractor in Montreal, has some good news for you. Read below to find out more about it.

Had a Home Contractor Worked On Your Dwelling Lately?

If you had some renovation work done to your house last year by a qualified Montreal general contractor, you might be ready for a cash return! Revenu Québec has implemented the LogiRénov program in order to stimulate the economy and try to stop under-the-table work.

To be eligible for this program, you must have contracted some renovation work to be done to your main residence between April 24, 2014 and July 1st, 2015. The list of what you can claim for can be found on Revenu Québec’s website.

Show me the money

It is very simple to estimate how much you can be entitled to. First of all, you need to keep all of your invoices, and put those that are eligible expenses over $3,000 aside. Then, add up 20% of the amount of each of those invoices.

For the 2014 taxation year, you will be entitled to either $2,500 OR 20% of your eligible expenses that are over $3,000; whichever is the smallest.

However, for 2015, the amounts are slightly different. The eligible expenses are calculated differently, as they take into account what you might have claimed for 2014.

An accountant will be able to answer your questions more accurately and help you file your tax income report if needed.

What paperwork is required?

Now that you decided what part of your house you’ll renovate, and that you decided to call a home renovation contractor, you will need to make sure to keep all the relevant paperwork to ensure the claiming process will go smoothly.  You will need:

  • The TP-1029.LR-V form, aka LogiRénov Home Renovation Tax Credit form;
  • Get the signature of your general contractor on the TP-1029.ER.A-V form;
  • An election form completed by the owner or co-owner of an intergenerational house (if applicable);
  • Get a document from your contractor that indicates a breakdown of the costs for the project.

Revenu Québec made a wrap up of the documents you will need on its website.  

Get the ball rolling

Dilamco is the renovation contractor you want to contact to help you take advantage of this credit in 2015. Work like adapting the interior of your house to turn it in a bi-generation home, replacement or installation of a new lightning system, exterior siding, soffits and fascia replacement are all work we will be more than happy to help you with.

Call us today to discuss what you’d like to be done and mostly planning for this spring while there is still some availability. Don’t forget, every summer, Montreal general contractors are busier than ever. Planning early ensures that you won’t need to postpone what you would like to be done to a later date.

 

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