QUEBEC CITY, April 24, 2014 / CNW Telbec / – The Prime Minister Philippe Couillard, today announced the introduction of a new refundable tax credit for home improvement, tax credit LogiRénov.
“With this announcement, the government quickly and thus fulfills a commitment is a first step to boost jobs and support economic growth,” said the Prime Minister.
The tax credit will LogiRénov available to individuals who are owner-occupiers in respect of renovations on their principal residence. The renovation work will be carried out by a recognized contractor under an agreement entered into after April 24, 2014 and before 1 st July 2015. Individuals will have until 31 December 2015 to make and pay their renovation .
Rate of 20% and a maximum of $ 2,500, the tax credit will support LogiRénov renovation costs exceeding $ 3,000.
“About 222,000 Quebec households will benefit from tax relief totaling just over $ 330 million for the years 2014-2015 and 2015-2016, or an average tax credit of $ 1,500 per household,” said the Minister of Finance, Carlos Leitão.
“The tax credit LogiRénov generate nearly 3 billion dollars in home improvement spending, or $ 13,500 on average per household, which will support more than 20,000 jobs in the industry,” insisted the Prime Minister.
The tax credit will apply LogiRénov concurrently and will complement the tax credit ÉcoRénov already implemented to promote eco-responsible renovation. From 1 st November 2014, all permitted work within the tax credit ÉcoRénov become eligible in respect of the new tax credit LogiRénov.
“This new tax credit confirms commitment of our government to revive the economy of Quebec. This is a first step in this direction and others will follow soon, “concluded Mr. Philippe Couillard .
The Newsletter of 2014-6 , released today, describes in detail the procedure for implementing new tax credit LogiRénov. It can be accessed on the website of the Ministry of Finance,
source: www.finances.gouv.qc.ca .