Toronto MLS search
Find listings now using my advanced Google Map search. Search specific areas and have the listings displayed directly on a map.
New Senior Tax Credits Available

There is now a tax credit available to help seniors in Ontario make modifications to their homes to improve accessibility and safety. The Healthy Homes Renovation Tax Credit Act will provide permanent, refundable income tax credit for people who need to make these modifications.  
 
Who is eligible?

-       Seniors (65+) who are Homeowners
-       Tenants of Senior Residents
-       People who Share a Home with a Senior Relative
 
If you fit any of these categories you are eligible, regardless of your income.
 
Be sure to save any receipts from work that you have done that you claim. Although you will not have to submit them, the Canada Revenue Agency may ask you to verify your expenses at a later date.
 
For the 2012 tax year, you can claim expenses for work that was done from October 11, 2011 up until December 31, 2012. For 2013 taxes onwards, the work will needs to be done between January 1 and December 31 of that year.
 
In any given year, you can claim up to $10, 000 to get a 15% return on renovation costs, labour and materials. 
 
Before you begin making any modifications or improvements to your home, check to see if the work you would like to get done qualifies for this credit. To see a list of eligible expenses, click here. To see a list of expenses that are not eligible for this tax credit, click here.
 
For detailed information on qualifications and the application process, contact the Ontario Ministry of Finance at 1-866-668-8297 or visit www.fin.gov.on.ca.

By: Melissa Winter