Tax credits and rebates for homeowners

Reno rebates and claims could lower your costs substantially

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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


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7 comments on “Tax credits and rebates for homeowners

  1. Is there a link to more information on the CRA website?

    Reply

  2. can you write off the legal fees of the rental purchase?

    Reply

  3. Excellent….will this apply to Alberta??

    Reply

  4. How do I find out about rebates for appliances..how to apply, how much, which appliances…

    Reply

  5. Interesting article, Romana, but would be helpful if you could point us to where we might find additional information about the tax credits you list e.g. for ventilation fan installation.

    Reply

  6. What provinces apply the renovation cash in rebates? I don’t think Ontario….

    Reply

  7. Bought new windows last year. Where do I apply for rebate

    Reply

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