Tax Credit on Healthy Homes Renovation in Ontario
Ontario’s healthy homes renovation tax credit also regarded as a personal income tax credit refunded to the senior citizens more than 65 years of age and also applicable for their family members. So if you are a senior citizen of 65 years or older residing in Ontario, you are eligible for the healthy home renovation tax credit, a sum that assist in making your place of stay accessible and safe. The amount of refund is estimated to be 15% of the claimed expenses.
Who qualifies for the Ontario healthy homes renovation tax credit?
- Any individual who will be 65 years of age by the end of the year of claim
- Any individual who lives with a senior
It does not matter what your income is, if you are living with any senior or are a senior citizen itself, you are eligible for renovation tax credit. The expenses are refunded only if they come up from the renovation or substantial modification of the principal house of the senior citizen aged 65 years.
Finance My HST team observe and analyze the status of the renovation or alteration carried out at the principal residence. The assessment is done to ensure that the renovation is performed to make the life of seniors mobile, safer and accessible. Thus, modifications that are of repairing nature do not call for a tax credit. The eligible renovation format for the healthy homes renovation tax credit includes alteration such as non-slippery flooring, walk in bathtubs, and broaden passages and doors, easily operable doorknobs and locks, and other similar features that assist seniors to be comfortable.
At Finance My HST, we make the process to claim for the healthy homes renovation tax credit easier and time savvy. Our team also look for the funding and rebate for seniors with disabilities and living independently.