Eligible Expenses Under the Tax Credit for the Restoration of a Secondary Residence
Eligible expenses under the tax credit for the restoration of a secondary residence must have been paid by:
- you (or your legal representative);
- your spouse when the expenses were paid; or
- another person who co-owned the residence at the time the expenses were incurred.
Eligible expenses include:
- the cost of necessary permits, including any studies to obtain them;
- the cost (tax included) of any goods that:
- were used to carry out the work, or
- were supplied by the contractor or were acquired from a QST-registrant supplier after the start of the flooding;
- the cost (tax included) of the services rendered by the contractor in carrying out the work; and
- the cost (tax included) of the services rendered by a damage assessment expert (in the case of expenses for repair work).
If the residence is located in a condominium, eligible expenses include any expense incurred by the syndicate of co-owners, up to the amount of your unit's share in the expense.
In such a case, the syndicate of co-owners must give you a completed copy of form TP-1029.RE.D-V, Information Return – Tax Credit for the Restoration of a Secondary Residence, that describes the work carried out and lists your unit's share of that expense.
Ineligible expenses include:
- expenses incurred to finance the cost of services provided by a damage assessment expert or the cost of the work;
- expenses attributable to goods or services supplied by a person with whom you or one of the co-owners is not dealing at arm's length, unless the person is a QST registrant;
- expenses incurred to acquire property you used before acquiring it under a contract of lease;
- expenses related to a part of the residence you use to earn business or rental income; and
- expenses used to calculate another tax credit under Québec legislation.