Are you looking to add a suite to your home? Are you perhaps getting older and finding it hard to move around?
Are you looking to save few dollars on your property tax to put money elsewhere? Well, luckily for you, Alberta residents have options that allow them to save money.
In Alberta, there four different categories that are eligible for financial help.
Seniors and people with disabilities have programs that have created by the Province of Alberta to help with renovation costs, and property tax deferral.
If you live in Edmonton or Calgary, there are several programs that those cities provide to incentivize you to either buy a new home, or to add a secondary suite to your home.
Below we've listed all of the current homeowner grants for Alberta. Let’s take a look at them.
Province of Alberta Home Improvement Grants, Rebates, and More
- Seniors can receive a loan of up to $40,000 for seniors to make renovations to their primary residence.
- Maximum household income for this home is $75,000 and applicants must own at least 25% of their primary residence.
- The Alberta government will pay your residential property tax on your behalf. And then you pay the loan, with interest, when you sell the home or sooner.
- Qualifications are that you are 65 or older, an Alberta resident, and own 25% equity in your home
People with Disabilities
- This is a grant program that will provide up to $7,500 for one year, with a maximum of $15,000 over ten years to be given for renovations to a home to make it easier for people with disability issues to live in their own home.
- Eligibility is for household with a total income of $58,800.
- Claims must be filed within 90 days of renovations.
- This program is designed to give help Calgarians purchase new homes. New homeowners only make a $2000 payment to start.
- Maximum household is $90,000 for a dual parent family.
- If you decide to sell or refinance your home, a portion of the appreciated value goes back to the AHCC to further finance future homeowners.
- There is also a mandatory home education class that must be taken by applicants.
- Peak provides a second mortgage that is interest free for the first five years of the program.
- To qualify, the maximum income for a dual income household is $90,000 with dependents.
- You must provide at least $1,000 as a deposit on the home.
- This is a free educational program to help first time home buyers plan for their first home purchase.
- As well as providing educational programs, it also provides credit counseling services as well.
- This program allows you to withdraw up to $25,000 from your RRSP to buy or build a new home.
- You can also use it to buy or build a home for yourself or someone you know with a disability.
- This program offers up to $20,000 or 50% of the cost of building a new secondary suite in your home.
- The suite must be rented out to low income residents in Edmonton ($55,036 for a household of two people).
- This program also applies to renovating a secondary suite as well.
As you can see, there are many different programs that are available to Alberta Homeowners to save money on purchasing homes, or making renovations.
Enjoy the savings!