This list is provided for information purposes and does not claim to be an exhaustive enumeration of all programs available. Should you have information about a program not listed, I will be glad to add it if you send me an email (providing title + link/documents) !Last update: 2015-04-20.
Reimbursement of the Welcome Tax (transfer duty tax)?
TVA Nouvelles, 24 avril 2014 (original article in French only)
Alors que Montréal peine à retenir ses familles en raison du prix élevé des propriétés, la Ville a annoncé jeudi la création d’unprogramme pour venir en aide aux premiers acheteurs, mais aussi aux Montréalais déjà propriétaires.
Le nouveau programme nommé Acquisition d’une propriétéprévoit que les familles déjà propriétaires qui souhaitent faire l’acquisition d’une propriété pourront obtenir le remboursement des droits de mutation (taxes de bienvenue).
Read full article and follow the news for full details.
This loan insurance program offered for the construction, the purchase or refinancing with improvements of a home can help admissible buyers or homeowners receive insured advances during the period where the work is being conducted. To do so, all that is needed is a manageable mortgage and a down payment of as low as 5%.
Thanks to this program, borrowers can:
- renovate their home immediately upon taking possession
- have only one convenient mortgage payment
- take advantage of lower interest rates
* Certain conditions apply. Consult your mortgage adviser for details.
Federal income tax credit for the purchase of a first home
Federal income tax credit for the purchase of a first home adding up to a tax savings of $750. All those who bought a first home since January 27, 2009 are entitled to it. If you forgot to claim it, it’s not too late to modify your income declarations. Please note: those with handicaps are entitled to it even if it is not their first home.
Sales tax reimbursement (GST & QST)
These taxes are applicable on the purchase of a new home. It is possible to get back up to 36% of the GST & QST paid, up to a maximum of $6300. However, if your home is worth more than $450 000, you can forget about it !
Home buyer plan (Montréal)
To encourage foirst time buyers to settle in the city, Montréal offers a home buying subsidy of up to $12 5000 for families who buy a new property. But this property must have at least 3 bedrooms and cost less than $360 000.
Otherwise, the Cith reimburses the transfer duty tax for families buying a plex on the resale market. To be admissible, the value of a duplex cannot exceed $450 000 while that of a triplex is topped at $490 000.
Important detail : during the three years which follow the purchase, the families automatically have access to the City of Montreal’s renovation subsidies, regardless of their territory. Don’t miss this chance.
My home at last ! (Laval)
Ville de Laval offers a financial assistance to young families who buy an existing house or have a starter home built in older districts of Laval.
- A rebate on the amount of real estate transfer taxes, commonly referred to as the “welcome tax” of up to $1000
- A property tax credit over the first 5-year period of ownership. Certain conditions apply.
The homeowner must occupy the dwelling unit with one child under 18 years of age who is related to him or his spouse through blood relations or adoption, OR IF NOT, the dwelling unit must be the first property, used for dwelling purposes, for each of the owner-occupants.
Major or ”à la carte” renovations (Montréal)
A helping hand to jazz up your nest. For ”à la carte” renovations, the subsidy is $2400 for a bathroom rehaul or $3300 for a kitchen reno. For major renovations, the aid can reach several tens of thousands of dollars.
The catch : the program is offered only in certain districts needing revitalization. To be admissible, the municipal assessment cannot exceed $350 000 of a single home or $417 000 for a duplex.Caution: the work can only begin after the subsidy has been approved and must be completed within six month of the approval.
Many other municipalities (Québec, Lévis, Sherbrooke, Trois-Rivièves, etc.) also offer aid within the framework of the Rénovation Québec program. Look into it.
Offered everywhere in Québec since 2007, Rénoclimat offers up to $12 000 to home owners who undertake eco-energetic renovations (attic insulation, geothermal system, etc.). Test must be conducted before and after the renovations to determine the true energy efficiency improvement and the amount of the subsidy. For certain renovations, the subsidies can be added to those of d’ÉcoRenov.
Big issues ?
Following the drought of 2012, the City of Montreal restarted its Stabilization of Residential Building Foundation program. The aid can reach up to $19 500, approximately 1/3 of the costs.
In rural areas, the Emergency Repair program and the Reno-Village programs help low income households whose homes present serious or dangerous issues. There is also a program specific to pyrrhotite problems.
Low income households
Seasonally between September and March, Econologis helps tenants and low income landlords to reduce their heating costs. To be admissible, the income cannot exceed $23 600 for a single person or $29 400 for a couple and $43 000 for 4 people.
After an evaluation, a technician can recommend a series of simple measures: weatherstripping and caulking windows and doors, fluocompact light bulbs, electronic thermostats, etc. The visit and the work is free!
Low income households can also obtain a new fridge (only if they return and old guzzler) for $75 to $120 to reduce their energy consumption.
Helping hand to the handicapped
Thanks to the Programme d’adaptation de domicile, handicapped persons may obtain a maximum of $16 000 financial aid, in some cases a bit more.
Maintaining elders at home
Persons aged 70 and up can get an income tax credit of 20% for the installation of certain equipment to enable them to remain at home (hospital bed, special bat tub, etc.).
Source: Stéphaine Grammond, Acheter ou rénover la maison, 2013/01/23