Seniors are often faced with the unpleasant reality, that as they age, the home they have lived in for so long, raised their families in and shared so many memories in, is just not a fit for them any more.
Oftentimes this means selling their cherished family home and finding a more suitable dwelling based on their current needs. This doesn’t always have to be the answer though. The Government of Ontario has recently introduced a tax credit which can help with the cost of modifications made to a home to improve accessibility for seniors. This can help to extend the life of the family home.
The Healthy Homes Renovations Tax Credit is a permanent, refundable personal income tax credit for seniors and family members who live with them.
If you qualify, you can claim up to $10,000 worth of eligible home improvements on your tax return. The amount of money you get back for these expenses is calculated as 15 per cent of the eligible expenses you claim. For example, if you spend and then claim $10,000 worth of eligible expenses, you could get $1,500 back.
Seniors and those living with a senior family member can simply claim this tax credit on their annual personal tax return. To learn more about the details of the program, eligible expenses and how to claim please visit the government of Ontario’s website or contact them at 1-866-668-8297.
I am deeply committed to the welfare of our seniors and ensuring their interests are protected and desires are respected as they make decisions to age-in-place or move on to a new living situation. As such I have taken additional training to provide specific assistance in this area and have been awarded the Seniors Real Estate Specialist designation.
If you have any questions regarding the above information or any other senior related matters please give me a call at 905-467-4446 and it would be my pleasure to serve you or connect you with the appropriate professional.
If you or a senior family member have decided that it’s their season to down-size take a look at this recent article on preparing the family home for sale: Staging for Spring.