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Did you know Canada.. sadly, tax time is pretty much upon us and it’s time to be watching the mail for T4’s, digging out receipts, chasing after the ones that don’t show up and looking into tax credits.
I wanted to remind folks about one tax credit that you may not know about – the Healthy Homes Renovation 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.
The Healthy Homes Renovation Tax Credit can help with the costs of improving safety and accessibility in your home. What’s nice is your income doesn’t matter — seniors and their family members at all income levels are eligible!
Here’s some great examples of renovations that qualify..
- * Non-slip flooring in the bathroom
- * Installing a hand-held shower
- * Door locks that are easy to operate
If not for 2012 taxes, it’s something to think about for 2013. Making homes safe and accessible for seniors leads to peace of mind. Visit home renovation stores like rona.ca for products, tools and accessories to make a healthy home for seniors in your life.