At last, seniors are getting a tax break on home renovations required to assist living at home. And the good news is, this is not one of those one year only deals, this tax break is here to stay for now. Here is the best part though, the 2012 Ontario Healthy Homes Renovation Tax Credit is not just for seniors with disabilities. Any person over the age of 65 either as a tenant or a homeowner can make eligible renovations to their residences and qualify for this tax credit. In addition, there is no income test to qualify and 100% of eligible expenses qualify. Finally, this is good news for all seniors who want to live in their own homes longer, improve accessibility or be more functional or mobile at home.
IMPORTANT NOTE: For the 2012 tax year only, eligible expenses cover fifteen months from October of 2011 through December of 2012. If you want to take advantage of the first year of this tax credit, you will need to do so before the end of 2012 if you have not already done so.
I have prepared a more detailed newsletter on this subject, and you can read the full article in detail using this link. Look for the red banner on the lower left hand side of the home page and click on the article "2012 Ontario Healthy Homes Renovation Tax Credit".