Time is Running Out!
Time is running out to take advantage of the home improvement tax credit for seniors in Ontario. 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.
The provincial Ontario government introduced this tax credit for seniors looking to renovate their home and to encourage Aging in Place. To take advantage of this tax credit or to learn more, click HERE.