Owning a home costs money, but there are tax credits and rebates specifically for Canadian homeowners. Here are a few to get you started.
New home perk
If you just bought a house and you haven’t owned a home in the four previous years, you can get the Home Buyers’ Tax Credit. Enter the amount of $5,000 on line 369 of your tax form and you’ll get a 15% credit.
Reduces tax load by $750
Assess the abode
Before starting a major renovation, get an ecoENERGY assessment from a certified energy advisor. You’ll pay about $1,000 for before-and-after audits, but provincial rebates can reimburse these costs.
Rebates up to $500
Cash in on rebates
Rebates depend on where you live but can include:
Improve insulation— Up to $3,250
Ductless heat pump— $800
Install ventilation fan— Up to $50
Draft-proof your home— Up to $500
Install a gas fireplace— $300
Replace windows & doors— Up to $500
Replace appliances— (each) $50+
Do more than three upgrades— $750
Save up to $7,000
Build safer—and save
Renos that make a home safer or more accessible for seniors and the disabled—including installation of grab bars and hand rails, the construction of walk-in or wheel-in showers,widening doorways and lowering cabinets—qualify for a new tax credit that offers a rebate of 15%.
Save up to $10,000 (max.)
More income, less tax
Rent out your basement or turn a hobby into a home-based business. Both allow you to deduct expenses, including mortgage, utilities,property tax and insurance. Claim the deductions against income generated on your tax return.
Sources: Natural Resources Canada, Canada Revenue Agency, BC Hydro, Union Gas, Enbridge Gas, FortisBC, Prince Edward Island Government
- Tax changes you need to know for 2017
- How to claim the new-home GST rebate
- 4 smart things to do with your tax refund