Tax credit to allow home renos for seniors

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.