Published | Category: Income tax - individuals
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New Tax Credit for the Restoration of Secondary Residences Damaged by Flooding that Occurred in Québec Municipalities from April 5 to May 16, 2017
On May 17, 2017, a new refundable tax credit for the restoration of secondary residences (cottages) damaged by the severe flooding that hit a number of Québec municipalities from April 5 to May 16, 2017, was announced.
This tax credit, which may be up to $18,000, is intended for individuals who have a contractor carry out post-disaster clean-up work, preservation work or repair work necessary to restore a site to its former state.
Individuals will be able to, under certain conditions, apply for advance payments of the tax credit. An application form will soon be available.