Is this summer a time for dreaming of how to create your sanctuary? Then, we have good news. Plan for 2023 and take advantage of some homeowner grants and tax credits that could be applicable to renovations that will improve the energy efficiency or accessibility of your home. A new web page by CHBA can assist you with this process.
CHBA BC walks homeowners through steps to apply for energy retrofit grants
Did you know that homeowners are eligible for up to $600 for the cost of pre- and post-retrofit EnerGuide evaluations and up to $5,000 total for the implementation of eligible retrofits? You can read all eligibility criteria and grant requirements to find out if you qualify for reimbursement at the end of the process. At Kemp, we can assist with this process.
The CHBA Energy Program team recently completed updates to CHBA BC’s Greener Homes Grant section of their website. The page provides step-by-step instructions to planning a home retrofit and claiming the available grants. The page also includes links to register online through the Greener Homes Grant portal and information on eligible retrofits and grant amounts.
Every home retrofit will need the service of a Qualified Energy Advisor. On this page you will find a button to download the list of the CHBA BC Energy Advisors in your area.
Eligible retrofits in the Greener Homes Grant Program
- Home insulation
- Air-sealing
- Windows and doors
- Space and water heating
- Renewable energy (e.g. solar panels)
- Resiliency measures (e.g. moisture-proofing or roofing membrane)
By making home retrofits, you will help Canada meet its 2030 climate change commitments and significantly contribute to Canada’s goal of achieving net-zero greenhouse gas emissions by 2050. For homeowners, it means a more comfortable home, a more affordable home, and a healthier planet.
Steps to plan your home retrofits
- Learn about the initiative
- Register and book your pre-retrofit evaluation
- Plan, document and complete your home retrofits
- Book your post-retrofit evaluation and apply for reimbursement
- Receive your reimbursement
Kemp Construction has completed several projects which were considered energy retrofits. We have built additions to existing homes and reconfigured existing spaces to accommodate accessible suites for muligenerational families.
We offer practical, quality solutions to make your home your sanctuary. At Kemp, we would be happy to hear about your home renovation dreams so we can start a plan together.
Call to discuss your renovation plans today - 604-948-1124
Grants and Tax Credits for Secondary Suite Renovations
There are other homeowner grants, rebates and tax credits available to help you renovate for improved accessibility.
Home Accessibility Expenses
The Home Accessibility Tax Credit is intended to help make Canadian homes more accessible for people with disabilities (anyone eligible for the disability tax credit) and the elderly. The two major types of renovations covered under the Home Accessibility Tax Credit are designed to make a home more accessible and functional for a qualifying person or reduce the risk of harm within or while entering a home.
The tax credit previously provided 15% of up to $10,000 of eligible expenses, but thanks to the new federal budget, the limit will be increased to $20,000 for a total possible credit of $3000. This credit is non-refundable, so while it can reduce the amount you owe on taxes, any extra value will not be added to your tax return.
Multigenerational Home Renovation Tax Credit
Something to keep in mind for your renovation planning and dreaming, is a newly proposed tax credit intended to bring families closer together and better able to care for one another. The federal government proposes to introduce a tax credit under its Budget 2022 that would provide as much as $7,500 to support the construction of a secondary suite for seniors or adults with disabilities. Beginning in 2023, the Multigenerational Home Renovation Tax Credit would allow families to claim a 15% tax credit up to $50,000 in qualifying renovation or construction costs associated with building a secondary suite.
Other Resources:
- This article on Canadian Real Estate Magazine - REW covers both of the above tax credits.
- Home renovation tax credit for seniors and persons with disabilities
