New home perk

 

If you just bought a house and you haven’t owned a home in the four previous years, you can get the Home Buyers’ Tax Credit. Enter the amount of $5,000 on line 369 of your tax form and you’ll get a 15% credit.

 

Reduces tax load by $750

 

Assess the abode

 

Before starting a major renovation, get an ecoENERGY assessment from a certified energy advisor. You’ll pay about $1,000 for before-and-after audits, but provincial rebates can reimburse these costs.

 

Rebates up to $500

 

Cash in on rebates

 

Rebates depend on where you live but can include:

 

• Improve insulation— Up to $3,250
• Ductless heat pump— $800
• Install ventilation fan— Up to $50
• Draft-proof your home— Up to $500
• Install a gas fireplace— $300
• Replace windows & doors— Up to $500
• Replace appliances— (each) $50+
• Do more than three upgrades— $750
• Save up to $7,000

 

Build safer—and save

 

Renos that make a home safer or more accessible for seniors and the disabled—including installation of grab bars and hand rails, the construction of walk-in or wheel-in showers,widening doorways and lowering cabinets­—qualify for a new tax credit that offers a rebate of 15%.

 

Save up to $10,000 (max.)

 

More income, less tax

 

Rent out your basement or turn a hobby into a home-based business. Both allow you to deduct expenses, including mortgage, utilities,property tax and insurance.

Claim the deductions against income generated on your tax return.

 

Tax credits come in many forms and specific areas but, checking out the federal government and provincial departments can find you money you didn’t know you had coming.

 

Sources: Natural Resources Canada, Canada Revenue Agency, BC Hydro, Union Gas, Enbridge Gas, FortisBC, Prince Edward Island Government