Whether you are a senior looking to make some repairs to your home or you are a senior living in Ontario, there are government grants for seniors in Ontario that you may be eligible for. Read on to learn about the grants and how you can apply for them.
Adaptations for persons with disabilities
Adaptations for persons with disabilities are a growing concern. In fact, a recent study by Statistics Canada found that one quarter of Canadian seniors report difficulty in performing at least one activity. Adaptations to improve mobility and accessibility are one way to address this challenge.
One example is the Seniors Home Adaptation and Repair program, a low-interest home equity loan program for senior homeowners. The program covers home modifications such as tree removal, electrical, plumbing and heating. It also provides a forgivable loan of up to $23,000.
The aforementioned program is a good place to start, but there are also several other programs and organizations that offer the same or similar services. These include the Federal / Provincial Repair Program, which provides small adaptations for aging parents and low-income seniors.
Low-interest home equity loans
Getting a home equity loan is a great way to tap into the equity in your home. It’s a good option for a variety of reasons, including education, home renovations and debt consolidation. However, there are a few things you need to know before getting one.
The best way to get the most out of your home equity loan is to understand your options. If you want to borrow a significant amount of money, you need to know exactly how much you want to borrow and how much you can afford to pay each month. This is especially true for older borrowers.
Home equity loan lenders typically provide loans for up to 80% of your home’s appraised value. The amount you borrow will vary based on the size of your home, your credit score, and your income.
Energy and property tax credits
Whether you’re a senior looking to do home repairs in Ontario, or you live in northern Ontario, there are several energy and property tax credits to help you pay for the cost of energy and property taxes. If you live in Canada, you may be eligible to claim up to $10,000 in eligible expenses.
The Ontario Energy and Property Tax Credit (OEPTC) is designed to help low- to moderate-income Ontarians pay for their energy and property taxes. To qualify for the OEPTC, you must live in Ontario and be 18 years of age or older. You must also file a tax return. If you do not file a tax return, you will not be eligible for the OEPTC.
If you are a senior, you can claim up to $450 per year in transit passes, as part of the Ontario Seniors’ Public Transit Tax Credit. For a limited time, seniors can also claim up to $3,000 in eligible expenses per year.
Depending on your location, the Ontario government offers various forgivable loans for seniors home repairs. These programs can help low-income seniors maintain their independence.
The District of Thunder Bay Social Services Administration Board is providing forgivable loans to low-income homeowners. The program helps seniors repair their homes to make them more accessible.
The Seniors Home Adaptations and Repair Program in Alberta is a financial assistance program for seniors. The program provides forgivable loans and grants to help seniors renovate their homes and maintain their independence.
The Ontario government has a program called the Affordable Secondary Suites Program. This program offers a 15-year forgivable loan to homeowners who meet eligibility requirements. Applicants may qualify for an additional grant of up to $5,000 for accessible modifications.
Another program, called the Ontario Renovates Program, provides financial assistance to low-income homeowners who need to make home repairs. The loan is secured by a Notice of Security Interest on the homeowner’s title. The amount of the loan is at a provincial borrowing interest rate. Applicants are required to have excellent financial records.
Canada Greener Homes Grant
Whether you’re looking to improve the energy efficiency of your home, increase its resiliency, or fight climate change, the Canada Greener Homes Grant can help. The program offers up to $5,000 in retrofits, upgrades, and evaluations to Canadian homeowners.
The program is administered by the Federation of Canadian Municipalities. It provides zero-interest financing for retrofits and other home improvement projects. It also provides access to rebates offered by utility companies.
The Canadian government has committed $2.6 billion over seven years to help Canadian homeowners reduce their energy costs. Specifically, the program offers rebates for energy efficient products. The program can also reduce the cost of heating and cooling your home, which can save you money in the long run.
The program is open to all Canadian homeowners. Applicants must demonstrate ownership of a primary residence. They also must have a government-issued ID, which matches the address on the Greener Homes application.