Home grants are an ideal way for individuals in the lower earning bracket to buy a new home or even renovate an already existing property. As a way to reduce the risk of overspending, tax rebates are a great way of making certain that you remain within your intended budget.
If you live in Ontario, then you need to take advantage of the numerous house grants that are available to Canadian citizens. This article will cover 6 rebates and government grants that are available to Ontario residents.
Though the name might give the impression that this rebate is only applicable to those seeking to purchase a new house, the truth is that, it is also designed to meet the needs of individuals who are either seeking to finish paying off a remaining portion on their house, or seeking to largely renovate an already existing home. One of the conditions that has to be met before using this rebate to renovate the home, is that the value of the home (after the renovations have been made), should not be more than $450,000.
Also known as RRAP this fund was established by the Canada Mortgage and Housing Corporations in a bid to encourage homeowners to build secondary suites within their homes and rent them out to persons with disabilities and seniors. As long as the loans conditions are met, it is not necessary to repay the loan, which is about $24,000. After 15 years are over, you may rent out your “secondary suite” to anyone you wish (not just seniors or persons with disabilities).
By carrying out renovations aimed at saving energy on your home, the federal government will give you rebates of up to 5,000. The amount which you get back is determined by the kind of home improvement you make. Some of the renovations that will increase your chances of qualifying for the rebates are installation of better insulation, energy-saving furnaces and the sealing of drafts in your windows and doors.
The province of Ontario refunds 50% of all home energy audits to an extent of $150.
These two insurance outfits reduce insurance premium on your mortgage by about 10%. This is usually the case when you build a home that is energy efficient. The reductions also apply in the event that you decide to carry out improvements on your home aimed at reducing energy costs.
In a bid to encourage residents of Ontario to carry out home improvements as recommended by the ecoENERGY Retrofit program, the province of Ontario, offers rebates that match up to what you receive via the ecoEnergy Program.
If you would like to know about more home grants that are accessible to Canadians who either want to buy a new home or renovate an already existing one, there is plenty of information online that can give you an idea on where to get such assistance.