Can Your Home Help You Save Tax Dollars
As a home owner you already know that there is no end to having to put out money to keep it in good condition. As a tax payer you also know that you have certain obligations to this level of government even if it means you don’t have to pay taxes but might be getting some back.
Getting a tax return that puts a few dollars in your pocket is a pleasant experience, and if you are senior you might be able to increase that pleasure by taking advantage of the healthy homes renovation tax credit. This is an incentive for seniors who want to make their homes a safer environment so they can continue to live there. For eligible improvements the CRA may be willing to give back 15% of the cost of the qualified renovations, by way of a tax break. This can actually be a refundable tax credit, which it means it could actually put the money back in your pocket which doesn’t happen with many of the non-refundable type tax credits.
There are several different areas around the home where safety features could be added that is going to make it better for the senior. The bathroom is one of these, and just a few additional features like non slip floors, hands free taps and bars for the shower or bathtub are examples.
All too often accidents occur for seniors in their kitchens because their counters and cupboards are too high, and they end up standing on something to access them and end up taking a tumble. A renovation that entails lowering these cupboards/counters may qualify for this tax break, and make a significant difference to seniors who currently have this problem.
Stairs is always a big challenge for the older citizens, and some may find that a simple inclusion of a stair rail, extra lighting or even a chair lift may increase their safety and allow them to access the upper levels of their home which they have been hesitant to do.
For seniors who find that this potential tax break may be beneficial to them they should check out the requirements and eligibility through the tax department before going ahead with the renovations to ensure the ones they are choosing are going to be acceptable for the tax credit. If you are a senior, you may want to ask your Toronto accountant about more information about this, as it may be something that is available to you that could be utilized for your next tax filing.