Building an open house for a new home or remodelling an existing home are two major steps in the process of renovating.
The process can be expensive, but it can also be rewarding.
For example, in the last year, the federal government has made several moves to support open house efforts.
One of the most significant moves was the introduction of a $2-million federal subsidy to support the construction of open houses.
Another is the creation of a new tax break to support construction of these kinds of projects.
The tax break will go into effect in July.
The $2 million is designed to help people who are looking to renovate their existing home and make it more accessible to those who need to move.
The federal government estimates the tax break can be worth up to $3,000 per household.
“It’s an incredibly effective tax break,” said Jim Devereaux, who manages the Ontario Ministry of Finance’s property tax credit program.
“In Ontario, we have one of the highest property tax rates in the country.”
The Ontario government has also provided $20 million in tax credits for new home construction, as well as up to a $1,000 provincial matching grant.
In Ottawa, the government has set aside $5 million to support new home renovations and up to 50 per cent of the cost of new construction projects, with an additional $500,000 available for certain types of renovations.
But the biggest new subsidy to help new home owners renovate is the construction tax credit.
Under the credit, an individual or business can receive up to 20 per cent off of the construction cost of a home.
The maximum amount a business can claim is $1.5 million.
“If you are an individual, you can get a $5,000 credit.
If you are a business, you are eligible to claim up to 15 per cent,” said Greg O’Connor, the director of the Canadian Homebuilding Association.
“If you have a small business, or if you are in a lower income group, you get less.”
He said the tax credit will help people with modest incomes to save money and save on their monthly mortgage payment.
O’Conner says it’s important to note that the credit is for a renovation only.
The new tax credit does not apply to new construction.
“There is no tax break for renovations,” he said.
“You have to be renovating your existing house.”
O’Connor says that if you’re a small home builder, the tax incentive will likely help you out a lot.
He says that with new construction coming on stream, many small business owners are considering taking the tax-credit option.
“The tax credit is very popular, but the cost-benefit ratio is not so high,” he explained.
“Most small businesses that are looking for the tax benefit have a minimum income, which is low, so they don’t need this type of tax break.
The tax benefit is the most economical way to go,” he added.
However, there are still many people who need help to help them get on the right path.
For them, the Ontario government offers several tools to help with their home renovation.
They can choose to get a tax credit or a tax break through their employer.
They also have a provincial tax credit, which can be up to 10 per cent. O