Tax Credit for Seniors’ Home Renovations
Ontario is proposing a 2021 Seniors’ Home Safety Tax Credit — a refundable 25 per cent tax credit on eligible home improvement costs of up to $10,000 (maximum credit of $2,500) — to help seniors stay in their homes longer by making their homes safer and more accessible.
Expenses would be eligible if they are paid or become payable in 2021 to the extent that they relate to renovations that improve safety and accessibility or help a senior be more functional or mobile at home. Seniors would be eligible regardless of their incomes and whether or not they owe income tax for 2021. However, they must make improvements to their principal residences within 24 months after 2021. Family members who live with and support them would also be eligible, including spouses and common-law partners.
Eligible expenses would include:
- Renovations to permit a first-floor occupancy or secondary suite for a senior;
- Grab bars and related reinforcements around the toilet, tub and shower;
- Wheelchair ramps, stair/wheelchair lifts and elevators;
- Non-slip flooring;
- Additional light fixtures throughout the home and exterior entrances;
- Automatic garage door openers; and
- Modular or removable versions of a permanent fixture, such as modular ramps and non-fixed bath lifts.