On November 5, the 2020 Ontario Budget addressed the well-being of seniors. The Province committed to creating a Seniors’ Home Safety Tax Credit. This fully refundable credit for the 2021 tax year aims to keep seniors safe, create jobs, and generate economic activity. The credit will be worth 25% of up to $10,000 in expenses for a senior’s principal residence. Eligible expenses include the purchase and installation of devices like grab bars, wheelchair ramps, stair lifts, and elevators. Renovations to permit first floor occupancy or a secondary suite are also eligible. To read more about the background of this proposal, visit: https://www.orea.com/~/media/Files/Press-Releases/Rebuilding-Ontario-A-Framework-for-Recovery.
Seniors’ Home Renovation Tax Credit
This entry was posted in Buying and Selling, Home Renovation, Rebates and tagged Home Renovation, safety, Seniors Tax Credit.