Good news from the Jan. 27 federal budget: Home owners completing renovation projects between $1000 and $10,000 completed prior to Feb. 2010 can get a %15 rebate of up to $1350 for home renovations. This program includes items such as kitchens, bathrooms, decks, painting, new carpets and flooring. Routine maintenance does not qualify. Such things as new furniture, appliances, tools, carpet cleaning and snow removal are excluded.
The invoices/receipts need to be kept for your 2009 tax return.
You can also double dip on a project if you are including energy efficient upgrades – furnace, insulation, windows etc. You still need to have an energy audit done to qualify.
Let’s do the math:
Example #1:
Bathroom reno. – tub, floor, fan, tile, paint, fixtures – low flush toilets – GTA area.
No energy savings and therefore no energy audit. Total contractor and purchase price $9500.
Calculated savings = $1425. cap $1350. Low flush toilet = $60- municipal rebate - net $1410 savings.
Example #2
Renovation of living room, powder room bathroom, front foyer, stairs – Total price - $30,000.
Calculated savings = $4500. Cap of $1350. Net savings $1350.
Example #3
Basement and energy combination - new appliances – Energy Star, high efficiency furnace, heat recovery ventilator, insulation, door, windows, tile, lighting. Energy Star appliances = $3000. Total Price $30,000. Energy audit $400.
Calculated savings – Federal renovation incentive = $1350
- Home Energy Savings Plan rebates on energy audit - $150
- Retail sales tax rebates on appliances 8% = $240
- EcoAction and HESP rebates for energy retrofits = $2000
- Total savings = $3740
Please note that each project will have its own unique opportunities and savings.
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