Quebec government announces new tax credit for residential renovation projects
The new Liberal government of Quebec has announced a new tax credit - LogiRénov Home Renovation Tax Credit - in an effort to help stimulate home renovations in the province. The new tax credit is available for homeowners who pursue a home renovation project that was done by a qualified contractor under a contract entered into after April 24, 2014, and before July 1, 2015.
According to the Revenu Quebec website, homeowners seeking 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. The government website lists some examples that are eligible as well as other information. The government has announced that the amount of the tax credit corresponds to 20% of the portion of an applicant's eligible expenses that exceeds $3,000, up to a maximum tax credit of $2,500 per eligible dwelling.
Spray foam insulation such as Icynene is recognized for the tax credit as an eco-friendly renovation work making it an ideal option for architects and builders to speak to their clients about considering the advantages of having spray foam insulation included in their renovation projects.