Newfoundland and Labrador has slated $30 million in rebates for home renovations and new construction to help homeowners save money, and jumpstart the economy and the province’s construction industry.
Homeowners can qualify for the residential construction rebate in one of two ways:
- A 25 per cent rebate is available for renovation projects for principal residences, up to a maximum rebate of $10,000 (based on a $40,000 project).
- A rebate of $10,000 is available for new home construction on homes valued up to $350,000 before HST.
The rebate will apply to work on a primary residence contracted within a 60-day period from the start of COVID-19 Alert Level 3, and the project must be substantially complete by March 31, 2021. To qualify, homeowners must use an eligible contractor, which includes those who have general liability insurance and are registered (i.e., HST registered, valid business number or workers compensation registered).
This funding will come from the COVID-19 contingency fund.
The Department of Finance, via the Canadian Home Builders’ Association, will begin accepting applications for the program beginning on June 8, 2020. Applications will be available on the Department of Finance website and through the Canadian Home Builders Association Newfoundland and Labrador in the coming days.
“We understand many people have been spending more time at home and there are projects that have been put off or that have become more evident over the past few months,” said Curtis Mercer, interim CEO of the Canadian Home Builders Association Newfoundland and Labrador. “Now may be the right time to address those items and update or upgrade your home.”