Tax credits for property owners

The tax and benefit filing deadline is coming up.

Do you know that as a homeowner you could benefit from tax credits?

Here is what you can do to apply for credit on your next return.

 

- Tax Credit for the Upgrading of Residential Waste Water Treatment Systems (applies for the years 2017 to 2022).

As its name indicates, this credit is available to owners who are upgrading wastewater treatment facilities provided that:

* you reside in Quebec on December 31, 2019 (or the day you ceased to reside in Canada in 2019).

* You (or your spouse) have entered into an agreement with a contractor to perform the above work in an eligible home. The eligible dwelling may be your principal residence or a cottage (under certain conditions) and located in Quebec. Of course, you will have to own it.

* The expenses incurred for this work must have been paid in 2019.

If you are eligible, you can get 20% of your eligible expenses over $2,500 for a maximum of $5,500 from 2017 to 2022.

 

- Home Buyers' Tax Credit

Apply for a home purchase tax credit if you were a resident of Quebec as of December 31, 2019 and you meet one of the conditions:

* you (or your spouse) acquired a property for the first time in 2019 to represent your principal residence.

* You acquired a residence in 2019 for a related person with a disability. This residence will have to meet certain standards to facilitate accessibility by the same person.

If you are eligible, you could get a maximum of $750.


- RénoVert Tax Credit

This credit was introduced temporarily and ended on March 31, 2019.
You can apply for this credit if you have a home that you own or co-own and that is your principal place of residence that has been recognized as having eco-responsible residential renovation work done, your usual year-round cottage. This home is one of the following and was completed before January 1, 2016:

  • a single-family home;
  • a permanently installed prefabricated house or a mobile home;
  • an apartment in a building held in divided co-ownership (condominium);
  • an apartment in a multiple-unit residential building;
  • a winterized cottage that you normally occupy.

 

For more information, visit the Quebec Revenue Site HERE.

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