Attention Ontarians! It’s not too late to save money this year.
If you live in Ontario, Canada, are 65 or over, or live with someone who is, you only have one month left to take advantage of the Healthy Homes Renovation Tax Credit. Expenses paid before December 31, 2016 for improving the safety and accessibility of your home will be eligible for a 15% tax credit on your personal income tax. Keep reading to learn more.
From the Province of Ontario’s website, we’ve listed the products that Accessibility Professionals offers, that would be eligible for the tax credit:
- wheel-in showers
- grab bars and related reinforcements around the toilet, tub and shower.
- wheelchair lifts
- installing adjustable counters
- installing adjustable cupboards
- a hand-held shower on an adjustable rod or high-low mounting brackets
- walk-in bathtubs
- certain renovations to permit a first-floor occupancy or secondary suite for a senior
- So much more…follow this link to the Province of Ontario’s website.
Items not on the complete list may also be eligible, but would need to be reviewed. Check with your tax adviser when filing your income tax.
But time is running out. Order soon to take advantage of the tax credit for the 2016 tax year. Hopefully, there will be future tax credits available to help seniors and their families to make their homes more accessible and ready for aging in place. But as of January 1, 2017 this particular tax credit will no longer be available.
Who is eligible?
- If you are 65 years old or older by the end of the year for which you are claiming the credit, or;
- you are living with a family member who is a senior, than you are eligible for the tax credit
What do you need to know?
You can claim up to $10,000 worth of eligible home improvements at one residence on your personal tax return. At 15% credit, that’s a maximum of $1,500 that you can get back.
Also, some expenses would not quality, like renovations or repairs that simply improve the value of a home, like electrical updates or roof repairs. Also, mobility devices, like wheelchairs, rolling shower chairs and walkers, would not qualify for this tax credit, though there may be other credits available specifically for assistive devices.
Check the Ontario website for specific details and consult with your accountant or tax adviser before filing your taxes.
Do you know of any other tax credit programs that can help seniors in Canada or the US? Let us know. We’d love to hear from you.
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