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By Jason Heath, CFP on April 12, 2024
Estimated reading time: 4 minutes
By Jason Heath, CFP on April 12, 2024
Estimated reading time: 4 minutes
Doing home renovations? Find out if there are any tax incentives that Canadians are able to claim.
We are upgrading our electrical and removing an oil furnace and wood furnace. We are replacing them with a ducted heat pump. So, the question is will we get any tax break where it’s done for home improvement?
—Joan
Depending on where you live, Joan, there may be a program that provides incentives or grants for green home renovations. Some renovations can be claimed on your tax return as well.
The Canada Greener Homes Loan provides up to $40,000 of interest-free financing to improve a home’s energy efficiency. Loans can range from $5,000 to $40,000 and are amortized over 10 years. According to the federal government, eligible retrofits include:
In order to qualify, you must own the home as your primary residence and obtain a........