Ontario’s Senior Tax Credit
Jamie Hamilton
| The Provincial government has proposed a temporary home improvement tax credit for seniors to renovate their home to encourage Aging in Place. Expenses must relate to renovations that improve safety and accessibility within the home which includes an elevator. The tax credit would be fully refundable worth 25% of up to $10,000. To be eligible for the credit, the final installment must become payable in 2021 for it to be claimed through the 2021 personal income tax return. $2500 ELIGIBLE FOR THE 2021 TAX YEAR This tax credit is a great tool to use to expedite projects that may be on hold or still in the budget deliberation stage. |
