Home Renovation – How can you save $$$

Wow... The government is helping us renovate our homes!
Yes, it’s true. The Federal and Provincial government teamed up and will pay you up to $10,000 through grants and rebates.

How does it work?
To qualify for Canada ecoENERGY grants, and matching Ontario government rebates, Ontario homeowners must get a home energy assessment before and after their home improvement work. As of this moment these programs are in effect until March 31, 2011.

The first step is to book a home energy audit with an Ontario Energy Advisor. Your Advisor will help you make the right energy saving choices for your home and describe the benefits and limitations of the program. Next, it’s time to upgrade your home and finally have your advisor come in for a second audit in order to document all the improvements and report back to the government. The time between the 1st and 2nd audits should not be more than 18 month, which is plenty of time to finish all the work necessary.
The 1St audit cost about $325 and the 2nd is a $150. Some companies, like Sears, will rebate you $150 towards the audits.

Below are few samples of rebates available:

Furnaces — high-efficiency gas or oil, up to $1,580
Central air conditioners — replacement $500
Hot water heaters — condensing gas $750
Hot water heaters — tank-less gas, condensing-type $750
HRV — heat recovery ventilator $750
Solar — hot water system $2,500
Attic or roof — insulation up to $1,500
Exterior wall — insulation up to $3,750
Basement — insulation up to $2,500
Crawl space — insulation up to $2,000
Air sealing — for your home up to $860
Windows & doors — $80 for each replacement unit
Toilets — $130 for each replacement unit

Last but not least is another great incentive that will save you money by renovating your home - The Home Renovation Tax Credit (HRTC). The HRTC is a non-refundable tax credit based on eligible expenses for improvements to your house, condo or cottage. It can be claimed on your 2009 income tax return only. It applies to work performed or goods acquired after January 27, 2009, and before February 1, 2010.
The HRTC applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum non-refundable tax credit of $1,350 [($10,000 − $1,000) × 15%].

For more information visit the following websites:
http://www.taxtips.ca/filing/hrtc.htm
http://www.homeperformance.com/


Alon Hillel
Sales Representative