Contractor Protection Fee Explained

Renovation Trust is a neutral third party that protects both the contractor/seller and the homeowner/buyer equally during a home renovation or home improvement project. Below is an outline and explanation of the Renovation Trust fees that allow us to help protect you, the payments due to you, and your business.

Our fees by default are a 50/50 split between the contractor/seller and the homeowner/buyer. This means each party pays half of the overall fee. However, as a contractor you have the option to pay all the fees (Contractor All-Pay Option) or none of the fees (Contractor No-Pay Option). Choosing the Contractor No-Pay option means your customer will have to pay the total fee amount to Renovation Trust. You also have the option to become a Renovation Trust Trusted Contractor. This means you pay all the fees on all your projects at a discounted fee rate.

Fee Estimator

The fees calculated are based on all fees placed on a project. For the most accurate fee amount, include taxes and any other additional costs that may contribute to the amount funded towards a project by the homeowner.

We use a regressive fee structure: The larger the amount deposited by the homeowner/buyer on a project, the lower the fee percentage becomes. The table below outlines the contractor share of the fees for each of the options.

50/50 (Standard option)

With the standard Contractor 50/50 option, the fee for protected funds is divided equally between the customer and the contractor. Fees are based on the accumulated amount of money a homeowner funds towards their project. When a customer funds a project, fees are calculated at that moment in time. For example, if a customer funds $25,000 toward their project, by selecting the 50/50 option, 3.25% will be charged to you on the first $5,000 and then 1.49% will be charged to you on the remaining $20,000.

Contractor All-Pay

As a contractor, you have the option to pay the entire fee for both you and your customer. This means that our service would be free for your customer for their project.

Contractor No-Pay

You have the option to push all the fees onto your customer for a given project. This means that your customer will be required to pay the full fee amount - making your share of the Renovation Trust Protection Fee 0%. This option is not recommended as this option is harder to sell to your customer and puts you at risk of losing this client.

Becoming A Renovation Trust Trusted Contractor

Being a Trusted Contractor with Renovation Trust comes with many perks. If you would like to become a Renovation Trust Trusted Contractor and pay all the fees on all your projects so your clients pay no protection fees, contact us for a special lower rate. This will give your clients the utmost confidence in you and protect your money on every job. You will get more business and you will get paid on all of it! Your special rate will be decided based on guaranteed annual volume of business and average project costs. See more on becoming a Trusted Contractor

Transaction Fees

Payment Transaction Fee: $9.00 each.
When you request a milestone payment, a fee of $9.00 is taken at the time your payment is issued.

Other Fees

You decide how you want to be paid

• Direct Deposit - FREE (Recommended)
• Mail a Cheque - FREE
• Interac e-Transfer - FREE (limited availability)
• Same-Day Rush Payments - $39.00 each plus any courier fees

Your clients can fund a project in many ways that cost you nothing, including:

• Bill Payments
• Interac e-Transfer
• Mailing a Cheque
• Wire Transfer
• Credit Card (if you agree to accept it)
• Deposit funds to Renovation Trust at any CIBC branch in Canada.

Accept Credit Cards
You can allow your clients to fund a project of up to $3,000 on a credit card. You will be charged 3.05% of the amount funded in addition to any other fees noted above. There is a maximum limit of $3,000 on any project.