The province is introducing a new
home renovation tax credit aimed at helping seniors stay in their homes longer.
The Healthy Homes Renovation Tax
Credit passed third reading in the Ontario legislature Oct. 2. Seniors who own
or rent homes, and people who share a home with a senior relative, will be able
to receive up to $1,500 per year in tax credits for home modifications such as
the installation of stair lifts, walk-in bathtubs or ramps.
The idea is to make it more
affordable to do renovations that help seniors stay in their homes more safely
and comfortably, improving their quality of life and reducing pressures on
hospital and long-term care services. Seniors
at all income levels can qualify for the tax credit.
Homeowners should save their
receipts for eligible expenses made on or after Oct. 1, 2011. From 2012 onward,
the tax credit can be claimed on the personal income tax return for 15 per cent
of up to $10,000 in eligible expenses per year.