Home renovation increases the value of your home while also raising your quality of life – a cost-effective duo if ever there was one. Still, renovations can be an expensive proposition so looking for ways to mitigate that cost is always a good idea. Thankfully for certain situations the government offers tax breaks and other incentives that can help you offset some of the cost of making your home look and feel the way it should.
Federal
While there was a temporary tax credit offered several years ago for home renovations it has long since ceased to exist. It’s recently been brought up as a possible permanent credit during the current campaign but no concrete plans yet exist to bring it back.
Provincial
In Ontario you can get 15% back on up to $10000 dollars claimed on home renovations as part of the Healthy Homes Renovation Tax Credit. This offer is only applicable to homes that have someone 65 years or older living in it but the income doesn’t matter – all income levels are eligible. It’s designed to help with the cost of making a home safe for the elderly so not all renovation work qualifies for this credit. Examples of work that does: swing clear hinges on doors to widen doorways, non-slip flooring, grab bars, handrails, walk-in bathtubs, door locks and handles that are easy to operate, and other quality of life improvements for seniors.
Toronto
The city of Toronto offers a few incentive programs of its own. It offers low interest loans for people who want to increase their energy efficiency through the Home Energy Loan Program (HELP). Things like installing higher efficiency furnaces, water heaters, or replacing windows and doors among many other eligible improvements can all be paid with the help of a loan up to $30,000 that is repayable over as many as 15 years. Other incentives offered are up to $3400 is financial subsidies for the installation of basement flood protection devices and a program that incentivizes the addition of an eco-roof to your home.
These programs certainly don’t affect all renovation work nor is everyone eligible, but for those that are they can be a big help in getting your home in the right shape. If you’re looking to make some home improvements like new doors and windows call George Kent today to request a quote.
