If you are a senior staying in your own home during pandemic times, a proposed new senior’s renovation tax credit may help with the cost of renovations to make your home more safe and accessible and keep you in your home longer.
The Ontario government has proposed a Seniors’ Home Safety Tax Credit for the 2021 taxation year, which would provide a 25 per cent credit on eligible renovations of up to $10,000.
The tax credit would be a fully refundable tax credit for the 2021 tax year worth 25% of up to $10,000 ($2,500) in eligible expenses to make homes “safer and more accessible.”
Seniors would be eligible regardless of their incomes and whether they owe income tax for 2021. Family members who have a senior living with them would also be eligible. Eligible expenses include those that are paid for, or become payable in, 2021. The expenses must relate to renovations that improve safety and accessibility or help seniors be more functional or mobile at home.
Eligible expenses could include renovations to allow for first-floor occupancy or a secondary suite for a senior; wheelchair ramps, stair lifts and elevators; grab bars in washrooms to assist with use of the toilet, tub or shower, non-slip flooring, additional lighting, and automatic garage door openers.
“This is a very important new program that is available to all seniors, regardless of income,” said Huron-Bruce MPP Lisa Thompson. “The intent of the Seniors’ Home Safety Tax Credit is to help make homes…