by Are you reluctant to kick-off your renovation project with us because of cost reasons? Depending on where your project is located you could qualify for a variety of government incentives that can help ease renovation costs. But no need to go digging for information on the internet – we at The Architect Builders Collaborative did the work for you and have compiled a list below outlining the specific requirements for each program.
GST/HST Rebate
The GST/HST New Housing Rebate is offered by the Canadian Government and can be applied for home renovations, including laneway houses and garden suites.
- Recover part of the federal tax
- Has to be substantial renovation on primary residence
- Home has to be purchased from a builder or owner-built
Canada Greener Homes
The Canada Greener Homes grant encourages you to renovate your home as energy efficient as possible.
East York 3 Bedroom Laneway Suite
- Up to $600 for initial energy audit
- Up to $5k for energy improvements
Toronto HELP
The Toronto Home Energy Loan Program (HELP) loan has just recently launched an enhanced version with increasing funding and lower interest rates.
- Up to 125k
- Low-interest loan (as low as zero percent)
- Up to 20-years amortization terms
- Can be used for home-improvement that will reduce energy consumption
- Requirements for homeowners that have a mortgage need to be reviewed with the bank
Affordable Laneway Suites Program
The Affordable Laneway Suites Program is run by the City of Toronto. We’ve already written an article all about it that you can check out here.
East York 3 Bedroom Laneway Suite
- Up to $50k
- Loan will be forgiven after 15 years
- Need to charge less than Toronto’s Average Market Rent
- Must own a single family home abutting a public lane and is located within an area permitted by By-laws 810-2018 and 1210-2019
- Must conform with applicable zoning and other by-laws as determined by Toronto Building through a zoning certificate or building permit
- Must have applied for building permit
- Must enter into an Affordable Laneway Suites Contribution Agreement with the City
- Must be approved for the Development Charges Deferral Program for Ancillary Secondary Dwelling Units
Enbridge Home Efficiency Rebate
The Enbridge Home Efficiency Rebate is similar to the Canada Greener Home grant and can be a great motivation to renovate your home and make it more energy efficient.
- Up to $600 for initial energy audit
- Up to $5k for energy improvements
- Additional cash bonus for more than two upgrades
- Program ends in on Dec 31st, 2022
Electric Vehicle Rebate
The Zero-Emission Vehicles Program (iZEV) encourages Canadians to swap their cars for electric vehicles, since transportation is the second largest contributor to greenhouse gas emissions in Canada.
- Up to $5k for electric cars
- Battery-electric an, plug-in hybrid electric, and hydrogen fuel cell vehicles are accepted
If you want to take advantage of these financial incentives and want to get started on your renovation, contact us today!