Government Grants Available For Home Renovations in BC
Many homeowners dream of doing some renovations to update their home or bring it more in line with their needs. The cost is often a reason not to proceed, however, if they feel that it is simply too much or beyond their ability to afford. Fortunately, there are several options available that might offer the assistance necessary to move forward with remodeling plans.
Here is a sample of some of the grants available for home renovations in Canada.
HOME ADAPTATIONS FOR INDEPENDENCE
This program offers assistance to seniors with low income and those with disabilities to allow for modifications that make their home safer and more accessible. This might include adding handrails, bathtub grab bars, and other modifications that enable more independent living. Homeowners, renters, and landlords who are eligible can receive a forgivable loan for up to $20,000 per home.
BC SENIORS’ HOME RENOVATION TAX CREDIT
Individuals 65 years of age and older can make use of the BC Seniors’ Home Renovation Tax Credit, which is a refundable personal income tax credit that can assist with the cost of certain home renovations. It is worth a maximum of $1,000 per year, calculated as 10% of the eligible permanent home renovation payment. It is available whether you rent or own.
As of the BC 2016 Budget, it has been expanded to include those with disabilities who were residents in BC on the last day of the taxation year and were a senior (or eligible family member) at the end of the taxation year in which an expenditure was made for a renovation in the individual’s primary residence. The nature of the expenditure, the renovation, and the residence must all meet appropriate requirements to qualify.
EFFICIENCYBC RENOVATION PROGRAM
This Provincial program offers financial incentives as well as information and support to help homeowners switch to high-efficiency heating equipment to reduce greenhouse gas (GHG) emissions and save energy.
The EfficiencyBC website provides information for both homeowners and businesses to help reduce energy use in new and existing homes and buildings.
RESIDENTIAL REHABILITATION ASSISTANCE PROGRAM ON-RESERVE
This program provides financial assistance to Band councils and Band members to help them repair substandard homes to bring them to a minimum level of health and safety. It is also used to improve accessibility for those with disabilities.
ENERGY CONSERVATION AND ASSISTANCE PROGRAM
Free energy assessments are available to income-qualifying households from BC Hydro and FortisBC. Upgrades of up to $5,000 will be installed by qualified contractors according to the needs of the home.
These are just some of the options available to homeowners who want or need to renovate their home. There are also numerous Home Renovation rebates available in BC and tax credits that can help.
Whether you are seeking to update your home, make it more energy-efficient, or accessible to those with disabilities, there are programs available to assist you.