Tax Credits and Rebates for Homeowners
Renovation rebates and claims could lower your costs substantially!
Owning a home costs money, however, there are tax credits and rebates specifically for Canadian homeowners.
Cash in on rebates
Rebates depend on where you live but can include the following:
Insulation improvement— Up to $3,250
Ductless heat pump— $800
Ventilation fan installation— Up to $50
Draft-proof your home— Up to $500
Gas fireplace installation— $300
Windows & doors replacements— Up to $500
Appliances replacements— (each) $50+
Do over three upgrades— $750
Save up to $7,000
New home perk
If you just purchased a house, and you haven’t owned a home in the four previous years, you can qualify for the Home Buyers’ Tax Credit. To qualify, enter the amount of $5,000 on line 369 of your tax form, and you can receive a 15% credit.
This helps reduce the tax load by $750
Assess the abode
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 up to $500
Build safer and save
Renovations that improve a home's safety, 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%.
Save up to $10,000 (maximum)
More income, less tax
Rent out your basement or turn a hobby into a home-based business. Both allow you to deduct expenses, including: your mortgage, utilities, property tax, and insurance. Claim these 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