Seniors benefit from Ontario's Healthy Homes Renovation Tax Credit
Seniors take on the challenge of home renovations for all kinds of reasons.
(NC)—But if you're making home improvements to help you or a loved one get around the house more easily, consider the Ontario Healthy Homes Renovation Tax Credit. This initiative allows Ontario seniors, 65 and older, or family members who live with them, to receive a personal income tax credit for money spent on making a home safer or more accessible.
You can claim up to $10,000 worth of eligible home improvements on your tax return, and you will get 15 per cent of the eligible expenses you claim. For example, if you spend and then claim the maximum $10,000 worth of eligible expenses, you could get the maximum of $1,500 back. Seniors and their family members at all income levels are eligible.
Not all renovation work qualifies under this tax credit, however. Remember that renovations that are simply intended to improve the value of a home or recurring repairs don't qualify, such as plumbing or electrical work, repairs to a roof, and installing new windows.
Work that does qualify includes installing non-slip flooring or a hand-held shower in the bathroom, putting in door locks that are easy to operate, or adding a ramp to help you access your home from the outdoors.
For more information on the credit, or how to apply, visit http://www.ontario.ca/taxes-and-benefits/healthy-homes-renovation-tax-credit
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