Can you get a rebate on complete renovations in Calgary?
Home renovations can seem like an intensive process that continuously takes laborious time with no end in sight. But these renovations are some of the most advantageous investments that a homeowner can make, despite the involved effort. Renovations can increase the value of a home, making it more appealing to potential buyers if your home is ever placed on the market. Although, many homeowners are unaware that some renovations can qualify for rebates, grants, and tax benefits. Some of these benefits include provincial-specific rebates, including complete renovations in Calgary.
Here are just some of the benefits that you can apply for throughout Canada!
Home accessibility tax credit
You can acquire a Canadian-wide tax credit called Home Accessibility. The Home Accessibility tax credit is meant to make a house much more accessible for people with physical disabilities or seniors over the age of 65. This tax credit will deduct money put into renovations that implement permanent features into a home that will help reduce the risk of injury and will enable them to move more freely in the house. Installing wheelchair ramps or making a bathroom more accessible for those with mobility issues are some of the features that qualify for this tax credit.
According to the National Bank of Canada, labour costs, permits, materials, and plans can be eligible expenses toward this renovation rebate that can go up to a maximum of $10,000.
Substantial Renovation tax rebate
The Canadian federal government has implemented a substantial renovation tax rebate to assist families when they begin to renovate. If certain conditions are followed under this tax rebate, the government can give you a rebate when you purchase a new home, build a home, or do substantial renovations to your preowned home. “Substantial” is the operative word regarding this rebate, as the renovations must transform at least 90% of your home to qualify for the rebate. Renovating areas like garages and attic spaces don’t count towards the 90% as the remodelling must be focused on livable areas of the home.
New residential rental property rebate
You can qualify for the Canada-wide new residential rental property rebate if you are building a home to later rent it out to tenants in your area. Once you have completed the home and renovations, you must fall under the condition that the entire worth of the home is valued at less than $450,000 in order to receive the rebate.
CMHC Green home
Taking steps to make your home more energy-efficient will help reduce your carbon footprint and energy bill. Implementing energy-efficient ways in your home will also help save on your mortgage premiums with the CMHC Green Home rebate that is available to all Canadians. Using CMHC insured financing, you can renovate your home for the purpose of installing energy-efficient features that will qualify your household to receive a 15% rebate.
Energy Efficient Rebate Canada in Alberta
The Alberta provincial government offers residents of the province to qualify for an energy-efficient rebate program that can help you save money when renovating your home. If you want to replace the windows and doors in your home and choose environmentally and energy-efficient ones, you can qualify for rebates up to $1,500. These rebates can assist with the remodelling in various Albertan cities and complete renovations in Calgary.
Since its inception, Kavaleer Renovations has been one of the most trusted home renovations companies in Calgary. We specialize in building new homes, full custom renovations, and even home additions like secondary suites. At Kavaleer Renovations, we know that building or renovating a home is a big investment and a personal experience and can be daunting at first. That’s why we emphasize clear communication with our clients as a pillar of our business. Whether you need kitchen renovations, bathroom renovations or complete renovations in Calgary, we will be with you from concept to completion.
The first step to building your dream home is to have a 100% FREE no-obligation consultation. Call Kavaleer today to get started!