Why tax credits make going green better

Did you know there are incentives to going green? From tax credits to rebates, going green has never been more consumer friendly than it is now.

Why tax credits make going green better

If you’re a home or car owner, there may be some interesting green tax rebate options for you.

Eco-friendly renovations

The governments in many Canadian provinces have been testing out different types of tax credits to encourage Canadians to make their renovations eco-friendly.

  • For example, from 2013 to 2014, Quebec introduced an EcoRenov program and tax credit for eligible home owners making improvements to their homes.
  • The credit corresponded to 20 per cent of the cost of the work done, from $2,500 and up to $10,000.
  • Work covered included all sorts of renovations from replacing doors and windows with energy efficient models to soil decontamination.

The incentives change every year

These tax credits are often temporary.

  • Most provinces and even the federal government have created temporary programs to test out incentives on a year-to-year basis.
  • To take advantage, you’ll need to check pretty much every year to see what the incentives are in your province, as well as if any are being offered by the federal government.

Electric and fuel-efficient cars

For environmentally friendly cars, including vehicles with low gas consumption and electric cars, governmental programs and incentives have for the most part been temporary.

  • They’ve also mostly been created at the provincial level. The good news about these programs is that they've become more and more common.
  • Plus, the amount you can receive is a considerable.

The future of green initiatives

Overall, green initiatives, and subsequently any related tax credits, are still pretty recent developments. While it doesn’t look like they’ll be stabilizing soon, it seems like there may be a real intent to make them more permanent in the coming years.

Ask your accountant or financial planner

One good bet for finding this information will likely your accountant or financial planner.

  • Being aware of financial legislation is part of their job, so there are good chances they’ll be in the know concerning credits that might benefit your financial situation.
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