Top Canadian Grants & Rebates for Real Estate
A grant or rebate is a sum of money conditionally given to you that you do not have to repay. The grant can be used to purchase Canadian Real Estate, improve or add to existing dwelling. A grant can also be any service provided at no charge by the government for which you would ordinarily have to pay.
Home Buyers' Plan
Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.
Canada Revenue Agency www.cra.gc.ca
Enter 'Home Buyers' Plan' in the search box. 1.800.959.8287
The Affordable Ownership Program
The Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit the opportunity to qualify for down-payment loan assistance to buy a home in Peel Region.
This program will assist eligible applicants who have a total gross (pre-tax) household income of $80,000 or less to purchase a resale home in the Region of Peel (Brampton, Caledon or Mississauga) that does not exceed a purchase price of $280,000.
http://www.peelregion.ca/housing/home-in-peel/
Residential Rehabilitation Assistance Program ($24,000)
The RRAP (Residential Rehabilitation Assistance Program) was set up by Canada Mortgage and Housing Corporation to encourage homeowners to create "secondary suites" in their homes, and rent them out to low-income seniors and people with disabilities.
The $24,000 is a forgivable loan - as long as the program requirements are being met (i.e. you're renting to a low-income senior or person with a disability) you don't have to pay back the loan. And at the end of 15 years, you can rent to whoever you want.
RRAP On-Reserve
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RRAP On-Reserve provides funding for low-income Native Canadian groups and individuals who need to repair their homes. The program specifically gives money to First Nation councils and members to fix their homes on reserve. To be eligible, the house being repaired needs to be at least five years old and household income should be under the set level in the area based on location and household size. The housing should need essential facilities, require structural repairs or need repairs to the electrical, plumbing, fire or heating systems. Other requirements may also apply.
First Nation members should apply for the grant through their council. The grant money can also be used to help improve accessibility for the disabled and to reduce overcrowding. The grant totals $16,000, $19,000 and $24,000 for the southern, northern and far northern parts of Canada. There may be an additional 25 percent added to the grant for those who live in remote areas of northern and far northern Canada.
Beside the First Nations council, more information can be obtained from the Aboriginal Housing office, which has locations throughout Canada. The Montreal office contact information is given below.
Aboriginal Housing Office 1100 Rene-Levesque Blvd. West
Montreal, Quebec H3B 5J7 514-283-0741
cmhc.schl.gc.ca
GST Rebate on New Homes
New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.
Canada Revenue Agency www.cra. gc.ca Enter 'RC4028' in the search box. 1.800.959.8287
CMHC Affordable Housing Centre
Are you considering an affordable housing project for your city, town or community but are unsure who to contact or where to start?
CMHC's team of affordable housing experts can provide you with guidance and expertise to help make your proposed housing project a reality. Our team draws on a wide range of affordable housing knowledge and experience to connect you with the resources, knowledge and contacts that can make your vision a reality.
http://www.cmhc.ca/en/inpr/afhoce/afhoce_001.cfm
CMHC Renovation Programs
CMHC delivers the following renovation programs in Prince Edward Island, Yukon Territory and Ontario.
In other jurisdictions, Provinces and Territories may choose to design and deliver renovation programs that are cost-shared with the federal government.
For Homeowners: |
For Multi-Unit Projects: |
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BC New Housing Rebate (HST)
Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7%) of the 12% HST paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250.
www.hstinbc.ca/making_your_ choice/faqs/new_housing_rebate. 1.800.959.8287
Home Adaptations for Seniors' Independence
The Home Adaptations for Seniors' Independence program provides funding to homeowners and landlords so that they can make home renovations that will benefit seniors.
Delivered by: Canada Mortgage and Housing Corporation (CMHC)
Eligibility Information
The occupant of the home to be adapted must meet the following criteria:
be at least 65 years old
have difficulty with daily activities due to age-related disabilities
have an income at or below the income limit for the region
live permanently in the home
Telephone: 1‑800‑668‑2642
E-mail: chic@cmhc-schl.gc.ca
Emergency Repair Program
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The Emergency Repair Program is meant to help those who have a low income and need to make necessary repairs to their home. To be eligible, an individual only needs to have low income and be a tenant or homeowner in a rural area of Canada. Repairs may be made on a variety of areas of the home, including the electrical system, the foundation, chimneys, windows and doors, among other areas. The grant amount, like other financial assistance, varies depending on where one lives in Canada. Assistance totals $6,000, $9,000 and $11,000, respectively, for those that live in the southern, northern and far northern parts of the country. Repairs that are started before the application for funding has been approved in writing are not eligible for the grant.
Canada Housing and Mortgage Corp. 700 Montreal Road Ottawa, Ontario K1A 0P7
800-668-2642 cmhc-schl.gc.ca
BC New Rental Housing Rebate (HST)
Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit.
www.hstinbc.ca/making_your_ choice/faqs/new_housing_rebate. 1.800.959.8287
BC Property Transfer Tax (PTT) First Time Home Buyers' Program
Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000.
BC Ministry of Small Business and Revenue www.sbr.gov.bc.ca/business/ Property_Taxes/Property_Transfer_Tax/ ptt.htm.
250.387.0604
First-Time Home Buyers' Tax Credit (HBTC)
This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2011) x $5,000. For the 2011 tax year, the maximum credit is $750.
Canada Revenue Agency www.cra-arc. gc.ca/tx/ndvdls/tpcs/ncmtx/rtrn/cmpltng/ddctns/lns360-390/369/menu-eng. html.
1.800.959.8281
BC Home Owner Grant
Reduces property taxes for home owners with an assessed value of up to $1,285,000. The basic grant gives home owners
. a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts;
. an additional grant of $770 to rural homeowners elsewhere in the province; and
. an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars. BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/hog or contact your municipal tax office.
8 BC Property Tax Deferment Programs
Property Tax Deferment Program for Seniors. Qualifying home owners aged 55+ may be eligible to defer property taxes.
Financial Hardship Property Tax Deferment Program. Qualifying low-income home owners may be eligible to defer property taxes.
Property Tax Deferment Program for Families with Children. Qualifying low income home owners who financially support children under age 18 may be eligible to defer property taxes.
BC Ministry of Small Business and Revenue www.sbr.gov.bc.ca/individuals/ Property_Taxes/Property_ Tax_Defer-ment/ptd.htm.
Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants.
This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites.
www.cmhc-schl.gc.ca/en/co/ prfinas/ prfinas_001.cfm.
1.800.668.2642 604.873.7408
CMHC Mortgage Loan Insurance Premium Refund
Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations.
www.cmhc.ca/en/co/moloin/ moloin_008.cfm#reno. 604.731.5733
Ontario Senior Homeowners' Property Tax Grant
If you are 64 years of age or older and you own a home, you could qualify to get up to $500 to help with the cost of your property taxes.
Am I eligible?
To receive this grant for 2012, you must file a personal income tax return for 2011 and meet the following conditions:
be 64 years of age or older as of December 31, 2011
be a resident of Ontario as of December 31, 2011
have owned and occupied your principal residence on December 31, 2011 (or your spouse or common-law partner did)
have paid Ontario property taxes in 2011 (or your spouse or common-law partner did)
meet the income requirements
http://www.rev.gov.on.ca/en/credit/shptg/
Both you and your spouse or common-law partner cannot qualify for this grant – only one of you can receive money.
First Time Home Buyers Toronto Land Transfer Tax Rebate (up to $3725)
First time home buyers of a newly constructed or re-sale residential property qualify for the Toronto Land Transfer Tax Rebate. The maximum allowable rebate is $3,725.00. This allows first time home buyers in Toronto to purchase a home valued as high at $400,000 without having to pay a Toronto land transfer tax. Any additional amount above $400,000 will be taxed at a rate of 2%. The property must be owner occupied.
If you are eligible for a rebate of all or a portion of the MLTT you owe, your lawyer will be able to claim the rebate electronically through Teraview version 6.0 software when he/she registers your transfer/deed.
More information on the Toronto Land Transfer Tax Rebate and the Toronto land transfer tax rate can be found on the City of Toronto website.
http://www.toronto.ca/taxes/mltt.htm
Energy Saving Mortgages
Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy SaverT Mortgage, may qualify for a rebate of $300 to their RBC account.
www.rbcroyalbank.com/products/ mortgages/energysavermortgage. html.
1.800.769.2511
Low Interest Renovation Loans
Financial institutions offer 'green' loans for home owners making energy efficient upgrades. Vancity's Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for up to 10 years for 'green' renovations. RBC's Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 renovation on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution.
www.vancity.com/Loans/ Bright-Ideas and www. rbcroyalbank.com/ products/ personalloans/energysaverloan. html.
LiveSmart BC: Efficiency Incentive Program
Home owners improving the energy efficiency of their homes may qualify for cash incentives through this provincial program provided in partnership with FortisBC, BC Hydro, and FortisBC. Rebates are for energy efficient products which replace gas and oil furnaces, pumps, water heaters, wood stoves, insulation, windows, doors, skylights and more. The LiveSmart BC program also covers $150 of the cost of a home energy assessment, directly to the service provider.
www.livesmartbc.ca/rebates. 1.866.430.8765
BC Residential Energy Credit
Home owners and residential landlords buying heating fuel receive a BC government point-of-sale rebate on utility bills equal to the provincial component of the HST.
www.sbr.gov.bc.ca/business/ consumer_taxes/residential_ energy/residential_energy.htm. 1.877.388.4440
BC Hydro Appliance Rebates
Mail-in rebates for purchasers of ENERGY STAR clothes washers, refrigerators, dishwashers, or freezers.
www.bchydro.com/rebates_ savings/ appliance_rebates.html. 1.800.224.9376
BC Hydro Fridge Buy-Back Program
This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition. www.bchydro.com/rebates_ savings/ fridge_buy_back.html. 604.881.4357
BC Hydro Windows Rebate Program
Pay no HST when you buy EN-ERGY STAR high-performance windows and doors.
www.bchydro.com/rebates_ savings/ windows_offers/current_ offers.htm.
604.759.2759 for a free in-home estimate.
BC Hydro Mail-in Rebates/Savings Coupons
To save energy, BC Hydro offers rebates including 10% off an EN-ERGY STAR cordless phone. Check for new offers and for deadlines.
www.bchydro.com/rebates_ savings/ coupons.html. 1.800.224.9376
FortisBC Rebate Program
A range of rebates for home owners include a $50 rebate for upgrading a hot water tank, $300 rebate on an Ener-Choice fireplace and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system.
www.fortisbc.com/NaturalGas/ Homes/Offers/Pages/default.aspx. 1.888.224.2710
FortisBC Efficient Boiler Program
For commercial buildings, provides a cash rebate of up to 75% of the purchase price of an energy efficient boiler, for new construction or retrofits.
www.fortisbc.com/NaturalGas/ Business/Offers/Pages/default. aspx. 1.888.477.0777
City of Vancouver Rain Barrel Subsidy Program
The City of Vancouver provides a subsidy of 50% of the cost of a rain barrel for Vancouver residents. With the subsidy, the rain barrel costs $75. Buy your rain barrel at the Transfer Station at 377 W. North Kent Ave., Vancouver, BC. Limit of two per resident. Bring proof of residency.
http: //vancouver.ca/engsvcs/ watersewers/water/conservation/ programs/rainbarrel.htm.
604.736.2250
Other municipalities have similar offers
City of Vancouver Greenest City 2020 Pilot Home Energy Loan Program
The City of Vancouver in cooperation with Vancity, FortisBC, BC Hydro and Natural Resources Canada offers access to loans for energy retrofits including heating systems, insulation and air sealing. The Home Energy Loan from Vancity is a 12month pilot program that will end October 21, 2012. For more information attend a workshop (see third link below). The goal is 500 homes and loans are offered at 4.5% fixed rate over 10 years. The program also helps with accessing grants from the federal ecoENERGY program, the provincial LiveSmart BC program and FortisBC.
www.vancouver.ca/energyloan and www.vancity.com/Loans/ homeenergy and http: //energyloan. eventbrite. com.
Email: energyloan@vancouver.ca 604.374.0507
Ontario rebates
Ontario homeowners can choose from a shopping list of renovation grants from the Government of Canada:
Furnaces — high-efficiency gas or oil, up to $790
Central air conditioners — replacement $250
Hot water heaters — condensing gas $375
Hot water heaters — tankless/instantaneous gas, condensing-type $375
Boilers — high-efficiency gas or oil $750
HRV — heat recovery ventilator $375
Solar — hot water system $1,250
Heat pumps — air-source heat pump which doubles as air conditioner $500
Geothermal — ground- or water-source heat pumps which are energy-efficient heating and cooling systems up to $4,375
Ontario homeowners can also get ...
Attic or roof — insulation up to $750
Exterior wall — insulation up to $1,875
Basement — insulation up to $1,250
Crawl space — insulation up to $1,000
Air sealing — for your home up to $430
Windows & doors — $40 for each replacement unit
Toilets — $65 for each low-flow replacement unit
Vancity Green Building Grant
In partnership with the Real Estate Foundation of BC, Vancity provides grants up to $50,000 each to qualifying charities, not-for-profit organizations and co-operatives for projects which focus on building renovations/ retrofits, regulatory changes that advance green building development, and education to increase the use of practical green building strategies. The deadline for applications was January 23, 2012. If you are still interested in this grant open the link, and consider contacting Vancity to express your interest.
www.vancity.com/MyCommunity/ NotForProfit/Grants/ ActingOnClimateChange/ GreenBuildingGrant.
604.877.7000
Local Government Water Conservation Incentives
Your municipality may provide grants and incentives to residents to help save water. For example, the City of Coquitlam offers residents a $100 rebate and the City of North Vancouver, District of North Vancouver, and District of West Vancouver offer a $50 rebate when residents install a lowflush toilet. Visit your municipality's website and enter 'toilet rebate' to see if there is a program.
Local Government Water Meter Programs
Your municipality may provide a program for voluntary water metering, so that you pay only for the amount of water that you use. Delta, Richmond and Surrey have programs and other municipalities may soon follow. Visit your municipality's website and enter 'water meter' to find out if there is a program.
