Information posted October 2, 2012
Ontario seniors will soon get a tax credit for making renovations to their homes so they can live in them safely and comfortably.
The Liberal government’s bill passed the minority legislature Tuesday with the support of the NDP. The tax credit allows seniors who own or rent their homes to claim up to $1,500 each year for expenses incurred when, for example, they install wheelchair ramps, handrails, or grab bars in bathrooms. Family members who share a home with a senior are also eligible for the benefit.
The passage of the bill fulfils a Liberal promise made during the 2011 election campaign.
The following is quoted from the Ontario Ministry of Finance website
Healthy Homes Renovation Tax Credit
What is it?
The Healthy Homes Renovation Tax Credit is a new permanent, refundable Personal Income Tax credit to assist with the cost of permanent home modifications that improve accessibility or help a senior be more functional or mobile at home.
The credit is worth up to $1,500 each year, calculated as 15 per cent of up to $10,000 in eligible home renovation expenses that will help seniors stay safely in their homes. It can also be claimed by senior homeowners and tenants, and people who share a home with a senior relative.
Amounts claimed by couples are subject to a combined maximum of $10,000 in eligible expenses per year. Different family members in a shared home can claim the credit. However, the total amount of the eligible expenses that can be claimed, per year, by all of those family members cannot exceed $10,000.
Spouses or common-law partners who live in separate homes because of medical necessity or because of a breakdown in their marriage or common-law relationship, can each claim up to $10,000 of expenses.
Am I eligible?
You are eligible if you are a:
- senior (65 years of age or older by the end of the taxation year for which the credit is claimed) who owns or rents your home, or
- a non-senior who is living with a family member who is a senior.
Please CLICK HERE to go to the Ontario Ministry of Finance website