A Guide to Ottawa’s Home Renovation Rebates and Tax Credits for 2024

Investing in home renovations not only adds aesthetic appeal and functionality to your home, but it can also increase your home’s overall value. At Frontiers Foundation Repair & Basement Waterproofing, we understand the financial investment involved in home renovations. To ease this financial burden, various tax credits and rebates are available for homeowners in Ottawa. 

This comprehensive guide explores some of the most beneficial renovation rebates and tax credits available for 2024. It’s important to note that while this guide serves as a starting point, it’s always best to consult with professionals for the most accurate advice. You can reach us at 343-312-9998.

1. Home Renovation Tax Credit (HRTC): This non-refundable tax credit applies to eligible expenses for significant home renovations and alterations. It can provide significant savings for homeowners who undertake substantial renovations and it’s particularly useful for older properties or properties in need of extensive modification and updating.
2. Canada Greener Homes Grant: The Canada Greener Homes Grant provides up to $5,600 in rebates for homeowners who make energy-efficient changes to their homes. Eligible improvements include upgrades for insulation, air-sealing, and the installation of energy-efficient heating and cooling systems. This grant rewards homeowners for making environmentally-friendly choices.
3. Ontario Energy and Property Tax Credit: This credit offers relief from provincial property tax and helps with energy costs, especially for low- to moderate-income residents. Depending on eligibility criteria, homeowners can claim up to $1,148 if they are under the age of 65, and up to $1,247 for those above 65.
4. Ontario Healthy Homes Renovation Tax Credit: This is a permanent, refundable tax credit for seniors and family members who live with them. If you are 65 years old or older, you could get up to $10,000 in tax credit for renovations to improve safety and accessibility in your home.
5. Ontario Renovates Program: This program offers financial aid to low-income homeowners who need renovations to make their homes safer or more accessible. Funds can be used for various modifications, including porch lifts, ramp additions, handrails, grab bars, and lever handles on doors and faucets for easier operation.

Conclusion

It’s clear that several rebates and tax credits are available to help homeowners offset their renovation costs. In providing this guide, Frontiers Foundation Repair & Basement Waterproofing hopes to enable smarter, more cost-effective home improvements for Ottawa residents. If you seek advice and help for your home renovation projects or are considering a basement renovation, feel free to contact us at 343-312-9998. Let’s work together to enhance your home while making it a safer, more comprehensive living space.