Sales Associate
Homes in Barrie
- Home
- Divorce and Real Estate
- VIDEOS
- How Realtors Help
- Carolyn's Music
- VIEW ALL BARRIE HOMES
- Barrie Restaurants & Shopping
- Real Estate Information Centre
- Real Estate Referrals...
- Buyers Guide
- Buyers
- Useful Community Info
- Useful Links
- Mortgage Info
- Looking at Moving
- The Role of the Realtor
- Mortgage Tools
- Schools, Parks and Community Service
- Expert Q & A
- Testimonials
- Our Office
- Contact Me
7 Government Grants you should know about
7 Government Grants & Rebates = $37,362 In Free Home Improvements (if you live in Ontario)...
Here's a quick snapshot of the grants, and the maximum amount they pay out:
1) Residential Rehabilitation Assistance Program ($24,000)
The RRAP (Residential Rehabilitation Assistance Program) was set up by Canada Mortgage and Housing Corporation to encourage homeowners to create "secondary suites" in their homes, and rent them out to low-income seniors and people with disabilities. The $24,000 is a forgivable loan - as long as the program requirements are being met (i.e. you're renting to a low-income senior or person with a disability) you don't have to pay back the loan. And at the end of 15 years, you can rent to whoever you want.
Description: Get a $24,000 forgivable loan toward the construction of a rental unit in your home. Once completed, the unit must be rented out to a low-income senior, or person with a disability.
The purpose of the Residential Rehabilitation Assistance Program (RRAP) for Secondary/Garden Suites is to create affordable housing for low-income seniors and adults with a disability.
Some important things to keep in mind about the RRAP:
* Work carried out before the RRAP loan is approved is not eligible.
* You must rent the unit out to a low-income senior, or person with a disability, for 15 years
* There's a cap on the amount of rent you can charge the tenant (for example in Ottawa the cap for a one-bedroom unit rented to one person is $815 per month)
Interested? Click here!
2) GST/HST New Housing Rebate (1.5% of GST/HST)
Don't let the name of this one fool you - this is not just for new-home builders. The New Housing rebate is meant to defray part of the GST/HST paid on a new house OR substantially renovating an existing house. The catch with this one is that if you're renovating your house, it can't be worth more than $450,000 once the renovations are completed.
Description: Get part of the GST or HST back when you build or buy a new house, or substantially renovate your house. The following projects qualify for the rebate:
* Building a home or contracting someone to build one
* Buying a newly constructed or substantially renovated home from a builder
* Buying a newly constructed house from a builder, where you lease the land from the builder under the same agreement to buy the house
* Substantially renovating a home or building a major addition to one. ("Substantially renovating" means removing or replacing 90% or more of the interior of an existing house.)
* Rebuilding a home destroyed by fire
* Buying a share of the capital stock in a newly constructed cooperative housing project
Note that houses above $450,000 in market value (after the renovations) do NOT qualify for this rebate.
Interested? Click here!
3) Rebates for EnergyStar Household Products (discount and products vary)
Go to this web page for a list of ENERGY STAR appliances. Interested? Click here!
4) Genworth Financial Energy-Efficient Housing Program or CMHC Mortgage Loan Insurance Refund (10% of mortgage insurance premium)
Canada's two main mortgage insurance outfits (Genworth Financial, and Canada Mortgage and Housing Corporation), will take 10% off your mortgage insurance premium if you buy an energy efficient home, or do energy-saving improvements to your current home.
Interested? Click here for Genworth Program. Click here for CMHC Refund
5) Home Energy Audit Program ($150)
Description: The Ontario government will pay for 50% of the cost of a home energy audit (the average cost of a home energy audit is $300). Anyone who lives in Ontario and owns a single family home is eligible.
The Province of Ontario will refund 50% of the cost of a home energy audit, up to $150.
Interested? Call 1-888-668-4636
6) ecoENERGY Retrofit Grant ($5,000)
The federal government will give you rebates for doing energy-saving renovations to your home, up to a maximum of $5,000. The amount you get back depends on what kinds of home improvements you make. Examples of renovations that pay include installing an energy-efficient furnace, installing better insulation, and sealing drafts in your windows and doors.
7) Home Energy Retrofit Program ($5,000)
To give an extra incentive to Ontarians to do the home improvements recommended by the federal ecoENERGY Retrofit program, the Province of Ontario will match the amount of rebates you get back through the ecoENERGY program.
Description: Get a matching grant (up to $5,000) when you do home improvements to make your home more energy efficient. The provincial Home Energy Retrofit program will match the rebate you get from the federal ecoENERGY Retrofit program (link). This means you can get up to $10,000 back on home improvements. Examples of home improvements that will get you rebates include:
* Replacing your furnace, air conditioner, and/or water heater with a more efficient one
* Insulating your home
* Replacing the windows
* Replacing your toilet(s)
* Sealing air leaks around windows and doors
Interested? Click here
Each rebate includes the steps you need to take to submit your application to each rebate program. That's it! Pick and choose from this list of grants and rebates, or be ambitious and go for them all!
