Amount of the RénoVert Tax Credit
The period of eligibility for the RénoVert tax credit has been extended to March 31, 2018, for all recognized work other than work related to the construction, renovation, modification or rebuilding of a system for the discharge, collection and disposal of waste water, toilet effluents or grey water in accordance with the requirements set out in the Regulation respecting waste water disposal systems for isolated dwellings.
The work above for which the period of eligibility for the RénoVert tax credit has not been extended may qualify for the new tax credit for the upgrading of residential waste water treatment systems if it is carried out under a contract entered into with a contractor after March 31, 2017. For more information about the new tax credit, see form TP-1029.AE-V.
If you were resident in Québec on December 31, 2016, 2017 or 2018, you may be able to claim the refundable RénoVert tax credit for one of those years in respect of recognized eco-friendly renovation work done on an eligible dwelling you own or co-own.
To claim the credit, you must have had recognized eco-friendly renovation work done on your principal residence or on a winterized cottage that you normally occupy by a qualified contractor under a contract entered into after March 17, 2016, and before April 1, 2018.
If you own an intergenerational house that is your principal residence, you can elect to consider each independent dwelling within the house as a single-family home that constitutes your principal residence, in which case each dwelling will be considered an eligible dwelling for purposes of the tax credit.
The amount of the tax credit, capped at $10,000, corresponds to 20% of the amount by which your qualified expenditures paid in respect of the eligible dwelling exceeds $2,500. For 2016, the qualified expenditures must have been paid after March 17, 2016, but before January 1, 2017. For 2017, they must have been paid after December 31, 2016, but before January 1, 2018. For 2018, they must have been paid after December 31, 2017, but before January 1, 2019.
If you incurred qualified expenditures in respect of your residence in 2016, 2017 and 2018, the qualified expenditures that will be used to calculate the tax credit for this residence in 2017 and 2018 will not be reduced by $2,500. Only the portion of this amount that did not reduce your qualified expenditures for the previous years will be deducted from your qualified expenditures for the current year.
If you co-own the eligible dwelling, you can split the amount of the tax credit with the other co-owners. However, the total amount claimed in respect of the dwelling cannot exceed $10,000 (the maximum amount for an eligible dwelling).
You must also subtract from your qualified expenditures the amount of any government assistance (except assistance received under the Rénoclimat program), non-government assistance or other assistance you received, including indemnities paid under an insurance contract.