Tax Incentives, Rebates and Grants
Many homeowners dream of doing some renovations to update their home or bring it more in line with their needs. The cost is often a reason not to proceed, however, if they feel that it is simply too much or beyond their ability to afford. Fortunately, there are several options available that might offer the assistance necessary to move forward with remodeling plans. Here is a sample of some of the grants available for home renovations in Canada.
SECONDARY SUITE ADDITION GRANT
The Secondary Suite Incentive Program (SSIP) will help homeowners create affordable housing in their communities. The program will provide money to help homeowners create a new secondary suite on their property to be rented out for below market value.
Homeowners who qualify will receive 50% of the suite construction costs, to a maximum of $40,000. The program will provide a rebate in the form of a forgivable loan—a loan that does not need to be repaid if the homeowner follows the terms of the program.
For the loan to be forgiven, the new unit must be located on the same property where the homeowner lives and must be rented out at below market rates, set by BC Housing, for at least five years.
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HOME ADAPTATIONS FOR INDEPENDENCE
This program offers assistance to seniors with low income and those with disabilities to allow for modifications that make their home safer and more accessible. This might include adding handrails, bathtub grab bars, and other modifications that enable more independent living. Homeowners, renters, and landlords who are eligible can receive a forgivable loan for up to $20,000 per home.
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BC SENIORS’ HOME RENOVATION TAX CREDIT
Individuals 65 years of age and older can make use of the BC Seniors’ Home Renovation Tax Credit, which is a refundable personal income tax credit that can assist with the cost of certain home renovations. It is worth a maximum of $1,000 per year, calculated as 10% of the eligible permanent home renovation payment. It is available whether you rent or own.
As of the BC 2016 Budget, it has been expanded to include those with disabilities who were residents in BC on the last day of the taxation year and were a senior (or eligible family member) at the end of the taxation year in which an expenditure was made for a renovation in the individual’s primary residence. The nature of the expenditure, the renovation, and the residence must all meet appropriate requirements to qualify.
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ENERGY CONSERVATION AND ASSISTANCE PROGRAM
Free energy assessments are available to income-qualifying households from BC Hydro and FortisBC. Upgrades of up to $5,000 will be installed by qualified contractors according to the needs of the home.
FortisBC offers ways to upgrade your home and save big with their energy-efficiency rebates
BCHydro also offers rebates for energy-efficient renovations and products
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