Many Canadians are unaware of programs that are meant to help them handle living expenses as the winter months loom and the cost of living rises.
Several provinces and the federal government offer grants meant to offset the cost of making a sustainable upgrade to a home, which generally cuts down on energy costs.
For example, the federal government earlier this month announced a $2-billion rebate program for Canadians making the switch to electric heat pumps, offering as much as $10,000 per household.
Heat pumps work by transferring heat from outside air into the home. They can both heat and cool a home in one system, effectively eliminating the need for an air conditioner and a furnace, thereby saving about $1,400 annually in household heating bills, the government said.
Homeowners below the median income who purchase eligible products are offered a $10,000 rebate, while others receive $2,000.
In Ontario, the Home Renovation Savings program offers rebates of up to $12,000 for a variety of upgrades, including insulation replacement, window replacement and even solar panels.
In Alberta, the Clean Energy Improvement Program offers up to 100 per cent for certain upgrades up to $50,000 depending on the municipality. The fixed-rate loans are tied to the property, meaning the new owner can continue the payments.
Despite the various options, more than half of Canadians are unaware of what grants and subsidies are available to them and 43 per cent say not enough is being done to support homeowners who make energy efficiency upgrades.
This comes as Canadians brace for an expensive winter, with more than 60 per cent of them worried about the running cost of their homes, which jumps to 72 per cent for those with children under the age of 18.
Nearly a third worry about how they will afford to heat their homes, while 37 per cent said they dread opening up their energy bills.
Many Canadians have begun making sacrifices to make ends meet, with 21 per cent saying they are taking shorter showers, 34 per cent planning to only heat the room they’re in and 24 per cent putting off essential home maintenance.
“This strategy has the potential to cause serious damage to Canadian homes across the country and in some cases may pose a significant danger,” the report said. “Skipping a furnace service can lead to less effective heating or even dangerous fumes coming into the home.”
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Canada’s most influential business people are warming up to Prime Minister Mark Carney’s economy policy.
The Business Council of Canada found that 80 per cent of respondents back his approach, though they have doubts he can carry out the vision.
More than half of the executives believe complex regulations are Canada’s biggest economic obstacle, while 19 per cent believe it to be the country’s tax competitiveness.
Read more here.
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- Canada, an energy superpower: No longer a pipe dream
There was a time when investors cared about valuations, but with the advent of passive investing and robo-advisers, the framework that once governed sound investing is almost forgotten, warns investing pro Martin Pelletier.
Pelletier says the mainstream consensus among many investors and strategists now appears to be to downplay high valuations and the potential for a bubble. However, the elephant is still in the room. Read his column here
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McLister on mortgages
Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.
Financial Post on YouTube
Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.
Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff and Bloomberg.
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Posthaste: 8 million Canadians are confused over energy bill grants, report says
2026-10-29 12:00:23
