Did you know that there is a range of home renovation tax credits available to homeowners in Ontario? As a homeowner, you may sometimes feel that you are paying rates, bills, taxes and that you can never get anything back – however, you can tap into some great rebates and credits if you know where to look.
We’ve put together seven key tax credit opportunities for homeowners in Ontario – so you can get the rebates you deserve from your home renovation project.
Rather than simply bearing the full cost of your renovations, why not take advantage of what the government and third parties offer to the homeowners across Ontario?
Home Energy Conservation (HEC) program
We would all love to increase the efficiency of our homes, decrease our utility bills and make our home friendlier for the environment and the HEC program is specifically designed to assist Ontario homeowners work to increase the efficiency of their homes thanks to incentives valued at over $1600.
After ordering a pre-audit at the cost of $250, the HEC team provide a detailed report outlining the updates or renovations that could improve your home energy efficiency by up to 15%. Through the implementation of these suggested additions – and a further $175 post audit fee – you can access to up to $1600 in rebates through the program. For more information on the HEC program click here.
Save On Energy – Heating and Cooling Incentive Program
Similar to the program that the HEC provides, the Save On Energy program offers incentives to purchase more energy efficient items. From furnaces starting from $250 through to heating systems at $600 for your home, there are rebates or incentives available through purchasing energy star certificate appliances for your home. By upgrading your heating and cooling system, you could save up to $325 a year in your energy costs for your Toronto home and slash your energy costs throughout your home. For more information on this opportunity click here.
The Healthy Homes Renovation Tax Credit
Available for individuals over 65 years of age or living with a family member who is a senior, the Healthy Homes Renovation Tax Credit offers up to $10,000 worth of eligible home improvements on your tax return. Calculated as 15% of the eligible expenses you claim, the Canadian government credit program is aimed at improving the accessibility and safety of your home to facilitate your loved ones – or yourself as you age gracefully. For more information, please click here.
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Save on Energy – Home Assistance Programs
A free program offered to qualifying Ontario homeowners, the program offers assistance to individuals to drive down the energy costs of their homes and increase the efficiencies. Energy savers can include the installation of LED’s, power bars with timers, efficient showerheads and drying racks. As part of the program, some participants they may be eligible for energy efficient refrigerators, window air conditioners and additional attic/basement insulation or weather stripping. For more information click here.
Enbridge Gas – Smart Thermostat Program
The program offers consumers the opportunity to save big bucks all via a smart thermostat program which saves energy costs via sensors and Wi-Fi technology. By installing a smart thermostat with a certified energy star rating, a $100 bill credit could be applied through this small renovation to your home. The program offers a range of benefits to participants including automatic energy savings, maintenance. For more information click here
GST/HST New Housing / Substantial Renovation Rebate
Offered for houses with a fair market value less than $450,000, the GST/HST rebate is a program that allows the recovery of some of the GST or the federal part of the Harmonised Sales Tax (HST). The program applies also to mobile homes and floating homes that are substantially renovated – just as it does to freestanding, duplex, apartments and homes of all shapes and sizes and is well worth exploring for homeowner across Ontario. For more information click here
More about Toronto home renovation rebates and tax incentives
The key to taking advantage of the rebates and tax incentives available to Toronto homeowners who are looking to renovate or value-add to their homes is to explore all the options to take advantage of the savings on offer. After all, if you don’t apply for the rebates and credits, you’ll never be in the running for the savings.
By engaging with a professional renovation design & building company such as Sensus Design and Build not only can you take advantage of their industry knowledge of all the available rebates and tax incentives available to homeowners but you can also gain access to industry experts who can project manage your renovation or build and help work through the paperwork for the applications.
By exploring the options above and seeing which programs suit your renovation or build rebates and tax incentives can be easily factored into your Ontario renovation to ensure you don’t miss out available incentives. This could lead to you saving thousands upon thousands of dollars on your planned renovations!
Sensus Design & Build offers a premium end-to-end solution for renovations from zoning feasibility, architectural design and costing, interior design costs & construction costs. Due to the fact that many of these incentives are focused on material selection, it is paramount that Sensus are brought onto your project from the early planning stages to take advantage of all these great tax and rebate incentives.
By going it along, the chances are you could miss out on money back into your pocket, so speak to the team at Sensus Design and Build today and rather than pay more tax, get some back from your renovation or new home build in Toronto.