- This program allows you to withdraw up to $25,000 from your RRSP (Registered Retirement Savings Plan) to buy or build a new home.
With the Line 369 Home Buyers Amount you can claim up to $5,000 for the purchase of a qualifying home in the year if both of the following apply:
- You or your spouse or common-law partner acquired a qualifying home
- You did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer)
This rebate gives back some of the GST that you paid – up to $1,500 – for a new or substantially renovated house that is your primary place of residence provided you meet all the eligibility requirements.You may be eligible for a new housing rebate for some of the GST/HST paid if you are an individual who:
- Purchased new housing or constructed or substantially renovated housing, which could include housing on leased land (if the lease is for at least 20 years or gives you the option to buy the land), for use as your (or your relation’s) primary place of residence
- Purchased shares in a co-operative housing (co-op) complex for the purpose of using a unit in the co-op for use as your (or your relation’s) primary place of residence
- Constructed or substantially renovated your own home, or hired someone else to construct or substantially renovate your home for use as your (or your relation’s) primary place of residence and the fair market value of the house when the construction is substantially completed is less than $450,000.
“GST New Housing Rebate, https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/gst-hst-home-construction/gst-hst-new-housing-rebate.html”
As an Alberta homeowner you have an variety of options to choose from when it comes to rebates.
Drain Water Heat Recovery – Save up to $500.
Insulation – When you improve the insulation in your home you can save up to $3500. The types of insulation include:
- Rolls or batts
- Loose fill
- Rigid board
- Spray foam
Windows – Rebates of up to $1500 are available for the installation of new, energy-efficient windows in your home. You can upgrade to new, ENERGY STAR® triple pane, low-e, argon windows for valuable savings on your energy bills.
Tankless Hot Water Heaters – Tankless water systems take up less space and waste less energy. Rebates of up to $1000 are available for the installation of a new ENERGY STAR® tank-less hot water heater.
Appliances – If you are replacing your appliances or thinking of upgrading to energy-efficient appliances or a smart thermostat you are eligible to get rebates back from your purchase. Claim your rebates here.
Lower income Albertan’s with mobility issues or disabilities can apply for grants for necessary modifications in their home. You can claim up to $7500 in rebates within one year and a maximum over 10 years of $15,000.
“Residential Access Modification Program, https://www.alberta.ca/residential-access-modification-program.aspx “
When it comes to buying smart, renovating your home or making modifications taking the time to apply for these grants can provide vast savings to homeowners. If you have any further questions when it comes to rebates or purchasing a home please feel free to contact us.