Tax Credit for Eco-Friendly Home Renovation

A temporary refundable tax credit for eco-friendly home renovation has been introduced.

The tax credit is intended for individuals who have a qualified contractor carry out eco-friendly renovation work on their principal place of residence or cottage under a contract entered into after October 7, 2013, and before November 1, 2014.

The amount of the tax credit corresponds to 20% of the portion of an individual’s eligible expenses that exceeds $2,500, up to a maximum tax credit of $10,000 per eligible dwelling.

To qualify for the tax credit, the work must have a positive environmental impact or improve the dwelling’s energy efficiency, and the materials and appliances involved must meet recognized environmental and energy standards.

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