A man signs a financing contract with the bank for his roofing work

How does roof financing work?


Do you need to repair or replace the roof of your home?

There is a good chance that you won’t have the full amount in your savings account but rest assured: there are many ways to finance your roof, and they are often more advantageous than you might think!

Banking institutions

Many banking institutions and Caisses offer loans for renovations, including the work required on your roof. You will be entitled to advantageous rates and flexible repayment terms. In addition to these special “roof loans”, banks also offer other types of financing for the work you need done:

  • A personal loan.
  • A mortgage loan, in which you add the amount of the work to be done on your new property, with an estimate.
  • A mortgage refinancing loan, which will allow you to re-borrow up to 80% of the value of your property.
  • A personal line of credit.
  • A home equity line of credit.
plan focus d'une carte de débit par rapport au financement d'une toiture

Agreement with the contractor

Several roofing companies in Montreal offer loan agreements, which will allow you to repair or replace your residential roof, while taking advantage of different repayment terms. Ask your roofer for more information!

Re-roofing: is it tax deductible?

Various government programs will allow you to save on your costs, since part of the re-roofing is tax deductible. Thus, if you have done work on your roof before March 31, 2019, the RénoVert program grants you a tax credit of up to 20% of the value of the work, to a maximum of $10,000; the minimum eligible amount is $2,500. Unfortunately, this program has not been renewed for 2020, but there are other programs that allow you to obtain various credits and grants to renovate your roof.

There is also the RénoClimat program (which ends on March 31, 2021), that for its part offers financial assistance for the improvement of the energy efficiency of your home, which includes a credit for roof waterproofing and insulation. Find out more about the eligibility criteria!

Another way to finance one’s roof, at least in part, is offered to low-income households who wish to make major repairs to their property, and this includes roof replacement, among other things. As such, up to 95% of the work can be reimbursed, up to a maximum of $12,000; however, conditions apply with respect to income and property value, which must not exceed $115,000.

In addition to the roof renovation credits, many municipalities offer various grants that will allow you to recover a portion of the money you have invested in restoring or renovating your roof. For example, Montreal offers the Major Residential Renovation program, which targets works over $15,000, and the Renovation à la carte program for smaller-scale work. Other municipalities also offer similar grants, so ask the city for more information!

TPO roofing with blue sky

Your savings

As a homeowner, it’s always a good idea to put money aside on a regular basis to cover any unforeseen events, and roof replacement is a big one! If you are buying a property with a roof that is already 10 years or more old, keep in mind that you will need to replace or at least renovate your roof in the near future. You have purchased a new construction? Here’s your chance to put some money aside so you can pay for the entire work in 15 or 20 years without having to finance the roof!

What about your family?

In addition to bank loans, agreements with suppliers and government programs, you can always ask your family and friends for help with some or all the work. However, be sure to carefully make your payments so as not to spoil the atmosphere at your next family reunion!

Whether you live in Montreal North, Montreal East or Laval, Clinique de la toiture FCA, the specialists in flat roofs and EPDM roofs, will help you see more clearly the roofing work that needs to be done and how to finance it; contact us right now!

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