Friday, 21 February 2014

Tax Credit for Home Renovations

Since tax time is around the corner, I thought some of our readers might benefit from knowing about a fairly new tax credit that Ontario has created. there is now something called the "Healthy Homes Renovation Tax Credit" which is for those 65+ years old (or those living with someone of that age) who are doing or have done renovations to their home in order to make it safer and/or more accessible for them. There is a list of all renovations that are eligible for the credit including small things like grab bars to larger things like ramps for wheelchairs,kitchen renovations to assist with safety and access etc. Before doing renovations you might want to check the list online to see what qualifies or if you have recently done a reno you can check to see if it meets the criteria to claim it at www.ontario.ca/taxes-and-benefits/what-expenses-qualify-healthy-homes-renovation-tax-credit. With the tax credit you can claim up to $10,000 worth of improvements on your tax return. For information on this tax credit or to use their online 'credit calculator' you can visit www.ontario.ca/taxes-and-benefits/healthy-homes-renovation-tax-credit.

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