Gov't Grant for Basement suite developement

[Beerking]

Hey beyonders,

I am in the market looking for a house and the wife and I are seriously looking to buy a house with a basement suite to rent out to minimize mortgage payments. My realtor just mentioned to me about a gov't grant that applies to developing your non-finished basement into a suite to accomadate tenants. Anyone know about this, if it is worth it, it will expand our options into buying a house that may benenfit from building the basement.

Thank you.

[barmanjay]

the tax belefit is for a max of 10k

and its good for about $1300 tax deduction i believe.

10k won't develop a suite, but get you almost 1/2 way there.

[Xtrema]

It's a good idea to help on morgage but your ROI can be 12-24 months depends on how much you rent it out for.

[Beerking]

Originally posted by barmanjay
the tax belefit is for a max of 10k

and its good for about $1300 tax deduction i believe.

10k won't develop a suite, but get you almost 1/2 way there.

This is completly different. I just found out it may only be for City of Edmonton, but I am skeptical on how true it is.

My realtor said that her client got a $25000 grant from Edmonton to add an ensuite on top of the garage. I am trying to find out more from the City of Edmonton, so I will try to keep this updated if anything happens.

Thanks guys.

[barmanjay]

Originally posted by Beerking


...

My realtor said that her client got a $25000 grant from Edmonton to add an ensuite on top of the garage. I am trying to find out more from the City of Edmonton, so I will try to keep this updated if anything happens.

Thanks guys.

That may only be an edmonton thing

the only area in the whole city I was aware of that allows (new builds and reno's) for suite's over garages is in mckenzie towne

[lasthuzzah]

25,000 Money GRANT? OK! Sign me up, show me the details!

[Beerking]

I e-mailed the city and this is the response I got. Still kind of foggy, but I will look into it more.

The Cornerstones Plan for affordable housing is what you're looking for. Information on the plan can be found here: www.edmonton.ca/secondarysuites. If you need more information on the program please contact Valerie Ball @ 780-442-6284.

Thanks,
Blake Betteridge

[dr_jared88]

Here is the info for the new tax credit. I think this is the one that barmanjay was referring to:

http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhmrnvtn-eng.html

It says your cannot use it towards a rental suite and must be for personal areas to you or common areas. However I don't know sticky they are on that.

[lasthuzzah]

Originally posted by Beerking
I e-mailed the city and this is the response I got. Still kind of foggy, but I will look into it more.

The Cornerstones Plan for affordable housing is what you're looking for. Information on the plan can be found here: www.edmonton.ca/secondarysuites. If you need more information on the program please contact Valerie Ball @ 780-442-6284.

Thanks,
Blake Betteridge

LOL! 404 Error, page not found. Ahh, the City of Pedmonton.

[Beerking]

Originally posted by lasthuzzah


LOL! 404 Error, page not found. Ahh, the City of Pedmonton.

works fine for me:dunno:

[Khalil.e]

Originally posted by lasthuzzah


LOL! 404 Error, page not found. Ahh, the City of Pedmonton.


Need to lose the period.