Ontario Seniors' Home Safety Tax Credit Extended 1 More Year!
The Ontario government provided an update on this program that it has been extended one more year. The Ontario government is helping seniors stay in their homes longer by extending the Seniors’ Home Safety Tax Credit by one more year, to December 31, 2022.
The Seniors’ Home Safety Tax Credit is a refundable credit worth 25 per cent of up to $10,000 per household in eligible expenses, to a maximum credit of $2,500. It can be shared by people who live together, including spouses and common law partners.
The extension will assist seniors, or those living with senior relatives, to renovate their homes to make them safer and more accessible.
Most seniors would prefer to stay in their homes, where they are the most comfortable. That’s why the Ontario government provided an extension to the program to give Seniors extra time to benefit from this tax credit.
Examples of eligible renovations include:
Installing grab bars and related reinforcements in bathrooms
Wheelchair ramps, stair lifts and elevators
Light fixtures in the home and exterior entrances
Automatic garage door openers
Certain renovations to allow first-floor occupancy or a secondary suite for a senior
Extending the Seniors’ Home Safety Tax Credit is part of the 2021 Ontario Economic Outlook and Fiscal Review: Build Ontario.
The Seniors’ Home Safety Tax Credit is available to Ontario seniors or those who live with senior relatives regardless of their incomes and whether they owe any tax.
Individuals can claim the credit for renovation expenses to their principal residence, either owned or rented, or to a residence that they reasonably expect to become their principal residence within the 24 months following the end of the year.
To claim the tax credit, claimants should keep receipts from suppliers and contractors.
NOTICE TO READERS
This tax program update has been prepared for educational purposes only on December 10, 2021.
Peter Wiesner CPA, CA, Licensed Public Accountant nor anyone involved in the preparation or distribution of this tax planning tips any contractual, tortuous or other form of liability for its contents or for any consequences arising from its use.
Please contact Peter Wiesner CPA, CA at 905-898-3355 before implementing any tax strategies or indirect advice resulting from this information.
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