Are you thinking about some renovations or some upgrades for your house but worried about the cost? You might actually get some aid from the government for it – particularly if you’re making your home more accessible and greener.
Of course it depends on the eligibility, purpose, location etc. But let’s see what this is about.
Home Accessibility Tax Credit
If you’re upgrading your property to be more safe and accessible, you can claim money for the renovations.
According to H&R Tax Block, eligible people can claim up to $10,000 in expenses and up to 15% of the renovation costs as a reduction on their taxes.
“Generally, paid work done by professionals such as electricians, plumbers, carpenters and architects for eligible expenses qualifies as eligible expenses,” says the federal government.
DIY kind of person? You can still get covered for building materials, fixtures, equipment rentals, building plans and permits, among other things.
Eligibility criteria to meet – claimant having to live with a senior over 65 or a person who is eligible for the disability tax credit.
Canada Greener Homes Grant
We’ve already made a detailed blog post on this so here’s a recap
The Canada Greener Homes Grant is giving around 700,000 Canadians up to $5,000 to make energy-efficient retrofits to their homes.
It’s not taxable, non-repayable and it does not have to be declared as income.
The types of changes that qualify are things like newly fitted solar panels, upgraded heaters or new windows and doors.
It’s worth noting that new buildings (six months old or less) are not eligible.
Renovation tax credit can vary depending on where you live.
In Ontario, B.C. and New Brunswick there are other grants out there to support projects that make properties more accessible for seniors.
In Saskatchewan, the Home Renovation Tax Credit allows people who have made upgrades that cost between $1,000 and $11,000 to get back as much as 10.5% of the cost.
Quebec has the Rénoclimat program, which supports energy-efficient upgrades (with slightly different criteria to the federal program), while residents of New Brunswick could qualify for the province’s similar Total Home Energy Savings Program.