34. Tax credit for the restoration of a secondary residence (Line 462)

You may be entitled to this tax credit if you or your spouse paid eligible expenses in 2017 to restore a secondary residence that was damaged by the severe flooding that hit a number of Québec municipalities from April 5 to May 16, 2017.

To be entitled to the tax credit, you must meet all the following conditions:

  • You were resident in Québec on December 31, 2017 (or on the day you ceased to reside in Canada in 2017).
  • You were the owner or co-owner of the residence when the expenses were incurred.
  • You obtained, from the municipality where the residence is located, a certificate confirming that the subjacent land was hit by flooding that occurred in a territory covered by the Programme d'aide financière spécifique relatif aux inondations survenues du 5 avril au 16 mai 2017 (special financial assistance program for the flooding from April 5 to May 16, 2017).
  • The residence does not qualify as a principal residence under the program.

Calculating the tax credit

The tax credit has two components: the post-disaster clean-up and preservation component and the repair component.

The post-disaster clean-up and preservation component corresponds to 30% of the eligible expenses over $500 paid in 2017 to have recognized post-disaster clean-up or preservation work done. The maximum credit available under this component is $3,000. Moreover, the expenses must have been paid by December 31, 2017.

The repair component corresponds to 30% of the eligible expenses paid before January 1, 2019, to have recognized repair work done. The maximum credit available under this component is $15,000 and the expenses must be paid by December 31, 2018. For 2017, you can only claim expenses paid in 2017.

Note

If you are claiming eligible expenses for repair work, you must have an expert's damage assessment report describing the damage caused to the residence.

Claiming the tax credit

To claim the tax credit, complete form TP-1029.RE-V, Tax Credit for the Restoration of a Secondary Residence. However, you do not have to complete it if you meet all of the following conditions:

  • In 2017, you received one or more advance payments of the tax credit for the restoration of a secondary residence.
  • You claimed all of your eligible expenses for 2017 as advance payments.

If you choose not to complete form TP-1029.RE-V, enter the amount from box H of your RL-19 slip on lines 441 and 462 of your return.

Advance payments

If you received advance payments of the tax credit in 2017, enter the amount from box H of your RL-19 slip on line 441.

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