In this comprehensive guide, we cover 82 Ontario home improvement grants, rebates, tax credits, and down payment assistance including Ontario window rebates,. In this example, the entire building has been renovated to some extent (the unfinished basement can be ignored) so that the requirement of “all or substantially everything” has been met. Since the renovations made were not substantial renovations, and are not considered substantial renovations, Nora L. Since only 70% of the existing area is removed or replaced, this does not meet all or substantially all of the requirements in the definition of substantial renovation.
Low-Rise Multi-Unit Residential Buildings (MURB) Learn more about multiplying your incentives if you live in a multi-unit residential building. Since the entire building is a residential complex, it is the entire building that needs to be substantially renovated. If, as part of a renovation project, an unfinished basement section were to be closed with finished walls and used, for example, as a family room, this area could be treated as a living area and taken into account in determining whether a sufficient area of the house has been substantially renovated. There is no need to replace the floors, as they are among the excluded items to determine if a substantial renovation has been carried out.
The areas affected by the renovations (the existing living room, two bedrooms and a bathroom) account for about 60% of the existing floor area. Neither the cost of renovations nor the fair market value of the improvements made is an acceptable basis for determining whether the “all or substantially everything” requirement is met. In addition, 700 square feet of the basement is completely renovated (finished walls, ceiling, floors, electrical outlets) for use as a family room. For more information on the Home Renovation Program, see the Nunavut Housing Corporation website.
The goal of the federal government is to incentivize cities and towns that are taking a step forward to build more housing, while ensuring that municipalities can get the support they need to modernize and build new housing. In this example, there has been no conversion that results in a substantial renovation because there was no non-residential use of the property. The buyer would be deemed to have substantially renovated the building and would be eligible to claim reimbursement of the new home in respect of any taxes paid on the acquisition.