Tax Credit for Eco-Friendly Home Renovation (EcoRenov)
Important
You can claim the tax credit for eco-friendly home renovation only for the [color="red"]2013 and 2014 taxation years. You must claim it when you file your income tax return.
This new refundable tax credit has been implemented on a[color="red"] temporary basis to encourage individuals, be they owners or co-owners of a dwelling, to have eco-friendly renovation work done on their principal residence or cottage (provided the latter is suitable for year-round occupancy).
To qualify for the tax credit, the renovation work must have been done by a qualified contractor under a contract entered into after October 7, 2013, and before November 1, 2014. In addition, 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.
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.
If you are the co-owner of an eligible dwelling, you can split the amount of the tax credit with the other co-owner(s); however, the total amount claimed in respect of the dwelling cannot exceed $10,000.
For more information on the types of eco-friendly renovation work that qualify for the credit, see Recognized Eco-Friendly Renovation Work.