It may not feel like it when you’re writing checks left and right in the middle of a renovation project, but home improvements can actually save you money in the long run. In addition to boosting your home’s property value,
Tag: tax
Are Home Improvements Tax Deductible? (2024 Guide)
Two types of home improvements typically offer some tax benefits: energy-efficient upgrades and medically necessary renovations.
Energy-Efficient Upgrades
Energy-efficient upgrades may offer substantial tax credits for improvements or renovations to an existing home. Qualifying home renovations may include upgrading exterior
4 Home Improvement Projects That Are Tax Deductible
Whether you’re a new homeowner who’s knee-deep in a gut renovation or you’re making necessary upgrades to your forever home, you might think that every home improvement is simply a sunk cost. Don’t despair, though. Home improvements can greatly increase
Are home renovations tax deductible in Canada?
Can I claim home renovations on my taxes in Canada?
There is currently a Canada Greener Homes Initiative that provides both grants and loans for home evaluations and retrofits, Joan.
See the below chart for eligible retrofits.
| Home improvement | Amount |
|---|
CRA has clarified the rules for new MHRTC home renovation tax credit
Jamie Golombek: Main home and secondary unit for a relative can be built at same time and still qualify for $7,500 credit