The current definition under the act is a property that has a heritage easement either at the municipal, provincial, or federal level. I think that's a good definition.
The problem is that you only need the easement. You don't actually have to restore the property or maintain it to any particular standard. The work that's typically done is lowered to the amount of rebate or subsidy that's available. So under a program of this nature, significant amounts of additional funds would be available.