|
For the 2009 tax year, Revenu-Quebec had in place a renovation tax credit program which was similar to (but more restrictive than) Revenue Canada's program. In essence, taxpayers who hired a contractor to do renovation work in 2009 will earn a tax credit equal to 20% of the cost of the renovations which exceed $7,500 but do not exceed $20,000. Therefore, the maximum tax credit earned would be $2500.
The Quebec plan differs significantly from the Federal plan in many ways. For instance, the work HAS to be performed by a licensed subcontractor - the home owner cannot do it himself. Also, the work has to affect the physical building - such things as design services, installation of pools, hot tubs and landscaping do not qualify.
Deakin Realty has a professional accountant on staff. Don't hesitate to contact us for more information on this program!
|
