Calculating the Tax Credit for the Restoration of a Secondary Residence
To calculate the tax credit for the restoration of a secondary residence, you must take into account its two components: the post-disaster clean-up and preservation component and the repair component.
The post-disaster clean-up and preservation component of the credit corresponds to 30% of the eligible post-disaster clean-up and preservation expenses over $500 paid in 2017 to have recognized post-disaster clean-up work or preservation work done.
The maximum credit available under this component is $3,000.
Expenses under this component must be paid by December 31, 2017.
The repair component corresponds to 30% of the eligible repair work paid before January 1, 2019, to have recognized repair work done.
The maximum credit available under this component is $15,000.
Expenses under this component must be paid by December 31, 2018.
If your application concerns recognized post-disaster clean-up and preservation work and repair work, or if not all the work is recognized work, the contractor must give you a written statement showing the breakdown of the cost of goods and services supplied by the contractor for the different types of work carried out.