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Ontario Homeowner Benefits and & Subsidies

Homeowners in Ontario have access to various government financial assistance and support programs. Here’s an overview of some key benefits and subsidies available:

1. Canada Greener Homes Grant

This program offers grants to eligible homeowners for recommended retrofits (such as home insulation, windows and doors, heat pumps, and renewable energy systems). In Ontario, the Canada Greener Homes Grant is co-delivered by Natural Resources Canada and Enbridge Gas under the Home Efficiency Rebate Plus (HER+) program.

2. Home Accessibility Tax Credit

If you’re renovating your home to improve accessibility for individuals with disabilities, you may be eligible for a tax credit. This credit applies to expenses such as installing ramps, widening doorways, or modifying bathrooms to enhance mobility.

3. GST/HST New Housing Rebate

Homeowners who have purchased a new or substantially renovated home may be eligible to recover a portion of the GST or the federal part of the HST paid. This rebate applies to the primary place of residence.

4. Home Buyers’ Amount

First-time homebuyers can claim an amount of up to $10,000 for the purchase of a qualifying home. This benefit also extends to individuals with disabilities.

5. Home Buyers’ Plan (HBP)

The HBP allows you to withdraw funds from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home. This can be particularly beneficial for first-time homebuyers looking to supplement their down payment.

6. Canada-Ontario Housing Benefit (COHB)

The COHB provides eligible households with a housing benefit to assist with the cost of rent. The benefit amount is determined by the province and paid directly to clients or their landlords. For more information, you can visit the City of Toronto’s website on subsidized housing and housing benefits.

7. Financial Support for Homeowners

If you’re facing high utility bills or need assistance with home safety items like smoke alarms or carbon monoxide detectors, programs are available to provide financial help. For instance, homeowners receiving Ontario Works Assistance may receive a one-time payment to buy these safety items. To apply, speak to your caseworker and provide receipts for the purchased items.

It’s important to note that program availability and eligibility criteria can change. For the most current information, consult official government websites or contact a housing help center in your area.

By taking advantage of these programs, Ontario homeowners can alleviate some financial burdens and make necessary improvements to their homes.

Cathy Tse, Realtor

Direct: 647-463-8810 – Email: cathy.tse@century21.ca

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