Friday, January 16, 2009

Renovation Tax Credit in Quebec

Earlier this week, the Finance Minister of Quebec annouced a new tax credit on renovations performed during 2009, to help stimulate the economy. According to the press release, the tax credit be 20% of the amount of renovations, up to a maximum of $2 500, on renovations that exceed $7 500.

You can read the press release here (it is only available in French as I write this, but I'm using the English link, so hopefuly they will translate the press release).

The press release is a bit ambiguous. Is it 20% of the whole amount, or 20% of whatever exceed $7 500? If it's the first, then I may be encouraged to speed up some of the renovations we are currently planning. The second would make it too much of a burden to our finances for me to consider it -- I would stick to my plan and keep doing it bit by bit.

Are you considering renovations in 2009? Does a program like that encourage you to speed up your plans?

1 comment:

Totalrenovering said...

Thank you for your very nice and interesting article. Keep up the good work.