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Reno rebates and claims could lower your costs substantially
Owning a home costs money, but there are tax credits and rebates specifically for Canadian homeowners. Here are a few to get you started.
If you just bought a house and you haven’t owned a home in the four previous years, you can get the Home Buyers’ Tax Credit. Enter the amount of $5,000 on line 369 of your tax form and you’ll get a 15% credit.
Before starting a major renovation, get an ecoENERGY assessment from a certified energy advisor. You’ll pay about $1,000 for before-and-after audits, but provincial rebates can reimburse these costs.
Rebates depend on where you live but can include:
Improve insulation— Up to $3,250
Ductless heat pump— $800
Install ventilation fan— Up to $50
Draft-proof your home— Up to $500
Install a gas fireplace— $300
Replace windows & doors— Up to $500
Replace appliances— (each) $50+
Do more than three upgrades— $750
Renos that make a home safer or more accessible for seniors and the disabled—including installation of grab bars and hand rails, the construction of walk-in or wheel-in showers,widening doorways and lowering cabinets—qualify for a new tax credit that offers a rebate of 15%.
Rent out your basement or turn a hobby into a home-based business. Both allow you to deduct expenses, including mortgage, utilities,property tax and insurance. Claim the deductions against income generated on your tax return.
Sources: Natural Resources Canada, Canada Revenue Agency, BC Hydro, Union Gas, Enbridge Gas, FortisBC, Prince Edward Island Government
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