Ontario introduces home improvement tax credit for seniors for 2021

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    Ontario introduces home improvement tax credit for seniors for 2021

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    Expenses would be eligible if they are paid or become payable in 2021. The expenses must relate to renovations that improve safety and accessibility or help a senior be more functional or mobile at home. 

    “The government has been committed to helping seniors stay in their home longer even before the pandemic,” the government stated in the budget documents. “But Covid-19 has underscored the urgency of this important priority.” 

    Seniors would be eligible for the credit regardless of income and whether or not they had a tax liability for 2021. The $10,000 maximum in expenses applies per principal residence and could be shared among family members, including spouses, who live with the senior. The maximum credit would be worth $2,500.

    Eligible expenses include renovations to permit first-floor occupancy or a secondary suite for a senior; wheelchair ramps, stair lifts and elevators; grab bars around a toilet, tub or shower; non-slip flooring; additional lighting; and automatic garage door openers

    Individuals would be able to claim the credit for the expenses if the improvement was made to their principal residence or to a residence that they reasonably expect to become their principal residence within the 24 months after the end of 2021. The credit could also be claimed for an individual’s share of improvements done by a condominium corporation to property that includes the individual’s principal residence. 

    If an improvement is paid for in…

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