6 Expenses, Benefits & Grants Canadian Homeowners Can Claim On Their Taxes To Save Money
If you've renovated your home you could get some cash back at tax time.
With tax time getting closer and closer, it's worth keeping in mind that homeowners in Canada may be eligible for a number of tax credits, benefits and grants which could help you save money come April 30.
Eligibility for these tax-time supports depends on factors such as whether you're new to home ownership, whether you've done renovations this year and whether you've made an effort to make your property greener, among others.
So, Narcity chatted with H&R Block spokesperson Jeffrey Zhang, and consulted the Canada Revenue Agency site, to give you a new set of resources to save you some cash if you're a homeowner in Canada.
Home accessibility tax credit
For those who've had to renovate their home to make it more accessible for someone with a disability or a person over 65 years old, there is a special tax credit to help you get some money back.
With the federal home accessibility tax credit, you can claim up to $10,000 in renovation expenses and receive up to 15% of the costs of renovating back on your tax refund.
Provincial home renovation tax credits
Similar to the federal version, this is a way for homeowners to get some money back after renovations in a few different Canadian provinces.
It's designed for people who've had to renovate their homes for accessibility and safety for seniors.
In the provinces of B.C., New Brunswick, Ontario and Saskatchewan, there is some form of this credit.
For example, in Saskatchewan you can claim between $1,000 to $11,000 in eligible expenses, with the ability to get up to 10.5% of the cost back.
Canada Greener Homes Grant
Some green to help Canadians go green! This grant is non-taxable, non-repayable and is designed to cover the costs of making your home more environmentally friendly.
There are 700,000 grants available, each one with up to $5,000 up for grabs. It's perfect if you've recently put in more efficient windows, insulation or other eco-friendly add-ons to your home.
Home buyers' amount
Buying a new home is a massive financial investment, no matter what your situation is.
And, for Canadians who have recently bought their first home, the Canada Revenue Agency has put together a way to get some money back on your taxes.
If you bought a new home in 2021 and previously did not live in a house owned by you (or your spouse/common-law partner) for the same year or four previous years, you can claim up to $5,000 on your taxes this year.
GST/HST New Housing Rebate
Speaking of new homes, you could get a tax rebate on the amounts paid on a new house or building, under a few circumstances.
If you bought a new or heavily renovated home directly from a builder, purchased shares in a new co-op housing complex, or substantially remodeled or built your own home, you could see yourself getting some nice cash back on your refund!
Provincial tax credits & refunds for homeowners
Many of Canada's provinces have additional refunds and credits for homeowners, each with their own rules and eligibility requirements.
Saskatchewan, B.C., Manitoba, Ontario and New Brunswick each have their own host of tax credits, including provincial versions of lots of the federal credits.
There are also a few unique ones for each region, so check them out and see if any apply to you!