When embarking on home improvement projects, it’s just good planning to use any available tax credits and rebates. Whether you are a planning a total home renovation or just a small remodel project, there are several ways to save on costs. Here are some examples of rebates and tax credits that you might be able to benefit from.
Claims for Home Accessibility Expenses
The Federal Government offers tax credits (a maximum of $10,000 annually) for qualifying individuals looking to improve the accessibility of a home. Accessibility improvements include everything from adding grab bars and non-slip flooring in the bathroom to widening doorways, installing improved lighting, and building a wheelchair ramp. To qualify, you must be 65 years or older, eligible for the disability tax credit, or making a claim for a qualified individual.
Eligible expenses for the work performed in your home are applicable towards building materials, fixtures, equipment rentals, building plans, and permits. Paid work by handymen, architects, plumbers, carpenters, and other professionals is also eligible (see the CHBA “Get It In Writing” page for details). Be sure to provide supporting documents, consult prerequisites, and follow all instructions when filling out the required paperwork. To Do Done Services Inc. Will be able to provide you with all of the proposal and invoice documentation required to make a tax credit claim.
Rénovert Tax Credit and Rénoclimat Programs
Applicable to Québec residents, the Rénovert Tax Credit is a program that was initiated on March 18, 2016. It offers up to $10,000 and was incorporated to encourage homeowners to invest in eco-friendly renovations and upgrades to more positively impact the environment. The period of eligibility for the Rénovert Tax Credit has been extended to March 31, 2018, so you are encouraged to apply once you’ve consulted the program’s list of requirements, found here.
The Rénoclimat program is another alternative, offering guidance with home renovation projects as well as financial assistance if you’re carrying out work pertaining to insulation or air tightness, as well as mechanical system installations and/or replacements. This is also a government program, and the Transition énergétique Québec (TEQ) has been responsible for it since April 1, 2017. Again, be sure to consult the eligibility criteria and other important details found here.
HVAC Rebate Programs
These rebates for work focused on energy efficiency can vary in amount, depending on the work carried out and whether you meet specific qualification criteria. Programs on offer include the Home Energy Conservation Program, the IESO Rebate, and the Heat Pump Advantage Program.
What are the qualification criteria? The Home Energy Conservation Program requires everything from providing a current tax bill for the property in question to using Enbridge-approved Certified Energy Auditors. You must also complete at least two of the home upgrades listed on the program page and achieve a minimum 15% annual fuel savings. There are different credit tiers to each program, paying out higher amounts if you reduce higher fuel savings or meet other criteria. It’s definitely worth a visit to the HVAC Rebate Programs page for more details.
Tax credits and rebates provide homeowners with a lightening of their financial burden. If you have any questions about the paperwork or qualification criteria, ask To Do Done! We’re always happy to help our clients save wherever possible to get the most out of their home renovation projects.