Renovating a home is an expensive prospect, especially if you've got one kid in culinary college or chef training and another who needs to visit the eye doctor as examples. However, renovations are also very necessary, because without them houses quickly lose resale value and can even degenerate past the point where they meet the local building codes. But you don't necessarily have to take out a second mortgage to afford your renovations. You can get rebates from many quarters that will help offset the cost of necessary renovations. We'll tell you about some of the rebates you might qualify for here.
If you've purchased materials to renovate your house or paid to have renovations done, you might be able to claim the federal government's Home Renovation Tax Credit on your taxes. Even if you didn't actually install the materials until sometime in 2010, you still qualify. You can claim between $1,000 and $10,000 worth of renovations, which gives you a maximum refund of about $1,350. That's a lot of money for an EI family. Just remember to keep your receipts for everything you've claimed in case the government needs to see them. Only family homes qualify.
Some provinces also offer grants to help homeowners cover the cost of renovations. Ontario and British Columbia, for example, give out tax free grants of up to $5,000 that could save you from having to look into refinancing. Residents who wish to apply for this grant will have to demonstrate that their improvements are improving the energy efficiency of the home. To qualify, you'll have to submit your home for an energy audit before and after the renovations and you'll have a period of only 18 months in which to get the work done.
Check with the local economic development corporation to see if you might be able to qualify for a grant or a property tax rebate if you do renovations to your home. Some municipalities give out mini-grants like the provincial and federal eco-energy grants, while others give breaks to low income sheet metal bending brake workers who are trying to spruce up a home in a run down area. These grants often apply in even greater measures to businesses, so if you're trying to improve your business, look into that.
Before buying any tools or materials for your renovations, carefully take stock of competing brands and materials. Some companies offer mail-in or instant rebates if you buy their products. They can range from $20 to more than $100 so they're something to consider. Remember though, even if you're an important politician or surgeon, you need to get your receipts in on time to the company or you won't get the rebate.