Renovations are vital, as they tend to improve a home’s overall shape. There are many reasons why homeowners make notable renovations to their houses’ form and structure. One of them is energy efficiency.
Many people turn to alternate technologies and patterns to improve their homes, making them smarter and warmer. With energy-efficient technology, you can save more and improve your cost of living in Alberta.
Making improvements to your home makes it look warm and feel much more lively when you think about it. Aside from that, a proper home renovation could increase its value and enhance its functionality. Without renovations, your home could get boring and clogged up.
A renovation could be an opportunity for you to implement techniques that reduce the cost of powering your home and appliances. It could also be when you need to make sacrifices that will improve your cost of living.
Renovating your home is a very wise investment, if not the smartest you would be making, in the long run. Carefully planned renovations are cost-effective and less budget-exhausting.
Before we approach this article’s main topic with full force, we believe that a proper foundation on the definitions of the terms listed here is vital. Knowing how these policies and products affect you will help you make appropriate future decisions in your home. Let’s go!
What is a Rebate?
A rebate represents an amount paid by a method of reduction, return, or refund. A rebate is a type of sales promotion that marketers use as incentives or supplements to boost sales.
You can also describe a rebate as an enticing incentive that attracts price-sensitive consumers, giving the marketer more leverage to sell their product.
Now that you have proper knowledge of the most-used term in this article, you will now see how it applies to your home and you. Renovations tend to increase your home’s value in the real estate market, but sometimes they are expensive; so, you might need an extra hand in footing the bill.
Here are the best and top five rebates you can claim for your home renovation.
Five rebates you can claim for home renovations in Alberta.
In Alberta, there are many rebates that you can claim for your home renovations. Here, we will discuss these rebates and how you could claim them quickly. Let us get started!
GST/HST new housing rebate
When buying a new home, you would need to pay HST or GST alongside the purchase price because it acts as a tax form. The availability of GST or HST payments depends on the province of your newly built home and the final tax rate too.
When you have an issue with paying for a renovation, your HST or GST payments will help you qualify for two rebates available to people in Alberta and across Canada. Click here to learn more.
At first, your new housing rebate would equal 36% of the GST you need to pay when moving into a new home in Canada. The specified 36% would be $6,300 and is valid for households with a market value of $350,000 or less. However, people who own homes with a much higher market value could still claim a small fraction of this rebate.
Home Renovation Tax Credit
This type of rebate is available to Alberta residents who have clocked 65 years or older. Disabled persons also have access to this rebate. Even people sharing homes with the affected people are eligible to claim this rebate.
Tax credit rebate for a single home renovation is worth about $1,000. It applies to renovations that make your home feel safer and more accessible for the aged.
Home Accessibility Tax Credit
This rebate is a federal non-refundable tax credit. The Home Accessibility Tax Credit is for renovations that would make the home more accessible for the disabled or above 65.
This rebate only applies to renovations that will become permanent features of the specified home while allowing the aged individual to move freely within the house, thus reducing the risk of injury.
Energy Efficiency Alberta Rebate Program
This program is a provincial government rebate program that offers rebates on renovations that will improve your home’s energy efficiency.
The Energy Efficiency Alberta rebate program is available to all individuals and homeowners who plan on turning green. It could be worth above $1,500, depending on the type of renovation you need to do.
EEA ONLINE REBATES
The Energy Efficiency Alberta Online rebates allow you to save up to $75 for each outdated household equipment you replace for a newer and energy-efficient product. The purpose of this particular rebate option is to make new appliances and technologies affordable for residents of Alberta.
Once you decide to switch to energy-efficiency, you begin to save money on your energy bills and the cost of purchasing some household equipment. You could save money on your purchase of equipment like Furnace with High-efficiency Motor (ECM), Refrigerators that allow about 30% energy conservation.
HOW TO CLAIM THE REBATES
- View items of choice and preference at the qualified products list and decide which items you’d like to buy.
- Buy the eligible items from a local retailer or online.
- Take a picture of/or scan your receipt.
- Go to claim your rebate.
- Upload the image or scan your purchase receipt.
- You will receive your rebate in the mail within 6-8 weeks!
Make sure you compare states and have a look at our article on Rebates in Ontario HERE