If you or a family member is over 65 you could benefit from the Ontario Healthy Homes Renovation Tax Credit or the B.C. Seniors' Home Renovation Tax Credit.
These credits assist individuals 65 and over to make improvements to make their home safer and more accessible.
Both credits are refundable tax credits. The Ontario credit is 15% to a maximum of $1500 and the BC credit is 10% to a maximum of $1000 per tax year.
Examples of qualifying renovations or alterations:
- Walk-in bathtubs
- Wheel-in showers
- Widening passage doors
- Lowering existing counters/cupboards
- Certain renovations to permit a first-floor occupancy or secondary suite for a senior
- Grab bars around the toilet, tub and shower
- Handrails in corridors
- Wheelchair ramps, stair/wheelchair lifts and elevators
- Non-slip flooring in the bathroom
- Motion-activated lighting
- Touch-and-release doors and cupboards
- Door locks that are easy to operate
With today’s aging population, any of these updates will be sure to add value to the value of a home.
In Ontario, visit www.ontario.ca/healthyhomes or call 1.866.ONT.TAXS (668.8297) for more information.
In B.C., visit www.gov.bc.ca and search for B.C. Seniors' Home Renovation Tax Credit or call 1.800.959.8281.
Marketing Tip: Own a Construction or Renovation Business?
If you own a construction or renovation business in Ontario or B.C. you could mention the renovation tax credit to your customers. Perhaps send out an email or call prospects to let them know about this opportunity to make their home safer and also receive a tax credit to help fund the improvements.
FBC proactively scans for credtis and grants to identify opportunities to put more money in our Members' pockets.