Tax credits and rebates for Canadian homeowners

Tax credits and rebates for homeowners

By Romana King on March 2, 2017
Estimated reading time: 1 minute

Reno rebates and claims could lower your costs substantially

This article is 7 years old. Some details may be outdated.

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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