You Can Get Money Back From The Government For Renovating Your Home & Here's How It Works
One program allows eligible people to claim up to $10,000 in expenses.💰
If you've recently made renovations to your home in Canada, you could actually get some money back from the government to help cover your costs.
With many people spending more time at home than they did before — thanks to the COVID-19 pandemic in part — more and more homeowners have been investing in changes to their properties.
A tax expert from H&R Block spoke with Narcity about the ways in which Canadians can minimize the cost of their renovations or upgrades by getting some of their investments back.
There are different options available, depending on an individual's eligibility, circumstances and location. So, here's a look at what's out there right now.
Home Accessibility Tax Credit
Eligible individuals can claim back money from completed renovations when they make their property safer or more accessible.
This federal home accessibility tax credit allows people to claim up to $10,000 in expenses and up to 15% of the renovation costs as a reduction on their taxes, according to H&R Tax Block.
"Generally, paid work done by professionals such as electricians, plumbers, carpenters and architects for eligible expenses qualifies as eligible expenses," says the federal government.
People who do the work themselves could also get covered for building materials, fixtures, equipment rentals, building plans and permits, among other things.
There are eligibility criteria to meet, including the claimant having to live with a senior over 65 or a person who is eligible for the disability tax credit.
Canada Greener Homes Grant
If you're thinking of making your property greener, there are ways to help fund the project if it's eligible.
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, for example.
It's worth noting that new buildings (six months old or less) are not eligible.
Other home renovation tax credits
Depending on where you live, there may be even more home renovation tax credits that you could apply for.
In Ontario, B.C. and New Brunswick, for example, there are other grants out there that 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.
Happy renovating, Canada!
This article's cover image was used for illustrative purposes only.
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