Canada introduces $7,500 tax credit for home renovations

The Canadian government has introduced a $7,500 tax credit to support home renovations, particularly for low-income households and rural communities. This initiative aims to assist those struggling to finance essential home improvements, including newcomers and refugees.

To qualify, applicants must be permanent residents, have owned their homes for at least five years, and have up-to-date tax filings. The credit, which covers 15% of renovation costs, excludes luxury items like entertainment systems.

Applications are processed online, with payments expected within four to eight weeks after approval. This measure is part of broader efforts to improve housing conditions across Canada.