Today, the Honourable Tom Osborne, Minister of Finance and President of Treasury Board, announced a new Residential Construction Rebate Program that will allow homeowners to save money on construction and renovations, while also helping to stimulate the economy and employment in the province’s construction industry.

Homeowners can qualify for the Residential Construction Rebate in one of two ways:

Renovation Projects
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).

New Home Construction
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 $30 million program funding will come from the COVID-19 contingency fund approved through the House of Assembly on March 26, 2020. It is estimated that this program will contribute to economic growth, incomes and employment.

The Department of Finance, via the Canadian Home Builders Association, will begin accepting applications for the Residential Construction Rebate 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.

Quotes
“As we move into the next phase of living with COVID-19, this rebate will help residents of the province to build for their futures or tackle the projects they’ve put on hold. Through this rebate, we will also help the construction industry that provides significant jobs and other economic benefits to our province.”
Honourable Tom Osborne
Minister of Finance and President of Treasury Board

“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. Now may be the right time to address those items and update or upgrade your home. We would like to thank Minister Osborne and the Provincial Government for their recognition and support of this valuable industry.”
Curtis Mercer
Interim Chief Executive Officer
Canadian Home Builders Association Newfoundland and Labrador

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