Budget Leitao 2018: a new tax credit for the purchase of a first home
Tuesday, march 27, 2018 16:12
Tuesday, 27 march 2018 17:50
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Quebec will implement starting this year a new tax deduction that will be able to reach $ 750 for the purchase of a first home, in addition to one-year extension of the program RénoVert, for the completion of renovation works in the “eco-friendly”.
The conditions of eligibility for the new non-refundable tax credit will be similar to those of the home buyers ‘ Plan (HBP), that is to say, it will be necessary to enjoy it, not having been the owner during the four years preceding the transaction.
The minister of Finance, Carlos Leitao, is expected that 47 000 families benefit from this measure, which will cost$ 28 Million per year to the State.
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“A burden” less
“The acquisition of a first home represents a burden that is often hard to bear for young families. […] We want to encourage access to the property, first-time buyers,” stressed the minister Leitao, in his speech.
Photo Simon Clark
For a couple, the tax deduction of $ 5,000 on taxable income can be shared.
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Specifically, the new tax credit of Québec will be able to reach a sum of $ 750, and up to 1376 $ including the federal tax credit already existing of $626.
Québec considers that the sum of $ 5,000 corresponds to the additional expenses, such as the “welcome tax” (2250 $ for an average home of $ 250,000), inspection costs (550 $), notary fees ($1200 worth) and moving expenses (1000 $).
Note that it will not be necessary to submit invoices to get the tax credit.
One more year for RénoVert
Before the “great success” of the refundable tax credit RénoVert, the minister Leitao has decided to extend the application for one year, until 31 march 2019.
The program allows you to go look for a help corresponding to 20% of expenditure on eligible home renovation in excess of 2500 $. The maximum value of this tax credit is $ 10,000, for example, insulation work, roof, foundations, or the replacement of windows and doors.
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