Ontario government offers Home renovation GRANTS

[Navtaj Chandhoke]

Ontario government offers Home renovation GRANTS

There are numerous renovation grants available to Ontario homeowners and Canadian professional real estate investors. Ranging from a few hundred dollars to several thousand, programs are offered by different levels of government and partner organizations.

The province of Ontario offers a variety of grants, incentives and tips to help you reduce your energy use and make your home more resilient to extreme weather. When to reduce energy use, conserve resources, save money and help the environment at the same time.

Whether you want to improve the energy efficiency of your home, get a grant to green your community, or find simple ways to green your life, we’ll help you get started.

Ontario Senior Homeowners’ Property Tax Grant

This grant helps seniors with the cost of their property taxes.

How much money could I receive?

You could get up to $500 each year.Use the online calculator to see how much money you can get

Do I qualify?

You may qualify for the grant if:

you or your spouse/common-law partner paid Ontario property tax in the previous year

you meet the income requirements

as of December 31 of the previous year, you:

were 64 years of age or older

were a resident of Ontario

owned and occupied your principal residence (or your spouse/common-law partner did).

Who’s considered an Ontario resident? How is the amount I get for the grant calculated?

If you are single, separated, divorced or widowed

You could get $500 if your adjusted family net income (income) for the previous year was $35,000 or less.

Your grant is reduced by 3.33 per cent of your income over $35,000.

If your income was $50,000 or more, you do not qualify for this grant.

If you are married or living common-law

You could get $500 if your adjusted family net income (income) for the previous year was $45,000 or less.

Your grant is reduced by 3.33 per cent of your income over $45,000.

If your income was $60,000 or more as a couple, you do not qualify for this grant.

You and your spouse or common-law partner cannot both qualify for this grant: only one of you can receive money.

The Ontario government also offers a number of home renovation incentives, including the Healthy Homes Renovation Tax Credit. If you are over 65 and are planning a renovation to make your home safer and more accessible, you can claim up to $10,000 worth of eligible home improvements on your tax return. For more information, search for Healthy Homes Renovation Tax Credit at ontario.ca.

As well, the provincial government recently partnered with Enbridge to create the Home Energy Conservation (HEC) Program, which offers grants of up to $2,100. The program is open to people using natural gas, oil and propane boilers/furnaces or wood stoves.

HEC can provide $150 dollars towards a Home Energy Audit

Talk to your renovator and other professionals if you are thinking of applying for any government renovation programs or incentives. Professional renovators can help you better understand the program, let you know if you are eligible and walk you through the application process.

One of the advantages of working with professional renovators is that you can benefit from their knowledge and experience. Take that into consideration when hiring your renovator and be sure to ask lots of questions.

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DISCLAIMER

We believe the information contained in this article to be accurate. It is presented with the understanding that we are not engaged in rendering legal, accounting, or investment advice. When professional assistance is required, utilize the services of a licensed real estate broker, lawyer, accountant, or other consultant as may be required.

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