If you’re like most people, you care about the world you live in. We are all responsible citizens of Planet Earth, which is going green has gained an unprecedented amount of popularity in the last few decades. Beyond helping to support the environment and lessen the burden on resources, did you know that green living also impacts your tax situation?
Improving your energy consumption, whether at home or at work, will pay off in the long run in more than one way. The Government of Canada offers several financial assistance programs that can help make your lifestyle more environmentally friendly and energy efficient. You could be eligible for rebates on the purchase or lease of a plug-in hybrid vehicle, charging accessories, and even energy saving home renovations.
To promote more energy-efficient homes across Canada, the federal and provincial governments offer programs for all stages of homeownership. Here are some of the most popular ones to help when you build, buy or renovate your home.
- ecoENERGY Retrofit Program – A federal program that includes a home energy efficiency assessment that will determine the grant amount available for making upgrades to heating, cooling and ventilation systems, insulation and air sealing.
- EnerGuide – Guidance and advice on buying and installing energy efficient appliances when building a home, along with assessments and ratings provided by an expert.
- Canada Mortgage and Housing Corporation – mortgage loan insurance and extended amortization is offered to homeowners depending on the energy efficiency and the willingness to improve it.
- Genworth Financial Canada Energy Efficient Housing Program – premium refunds given towards renovations that reduce energy costs.
- Power Smart for Low Income Households – free energy-saving products and professional advice to help you save on your utility bills if you live in an income-qualifying household.
To learn more about the various incentives programs, check out the Natural Resources Canada website. And you’d want to know more about the best methods to file your return if you own a home, browse through our Tax Tips for New Homeowners blog post.
As a business, there are several incentives for you if you’re looking to go green. These benefits range from recycling to operational changes that include rebates, tax credits and exemptions. Here are a few great programs that can affect your bottom line when it comes to filing taxes:
- Efficiency PEI – Building Envelope Upgrade Rebate
- BC Hydro – Business Energy Saving Incentives
- Energy Efficiency Alberta – Business, Non-Profit and Institutional Energy Savings Program
- Government of Yukon, Energy, Mines and Resources – Commercial Energy Incentive Program
- FortisBC – Commercial Foodservice Equipment
- FortisBC – Commercial Heating, Ventilation & Air Conditioning Equipment Rebates
- SaskEnergy – Commercial HVAC Program
- SaskPower – Commercial Lighting Incentive
- FortisBC – Commercial Lighting Rebates
- SaskPower – Commercial Refrigeration Incentive
- Enbridge Gas – Commercial Retrofit Program
- Union Gas Limited – ENERGY STAR®Dishwashers
- Union Gas Limited – ENERGY STAR®Fryer
Going green – whether it’s for your home or your business – can definitely help you save some green. Don’t forget to read through all of our posts if you want to learn how to maximize your refund when it’s time to file your return!