On October 3, the Ontario Legislature passed the law that will assist seniors in making their homes more accessible.
Bill 2, Healthy Homes Renovation Tax Credit Act, 2012, will create a permanent, refundable Personal Income Tax credit to assist seniors with the cost of permanent home modifications that improve accessibility.
The credit would be worth up to $1,500 each year, calculated as 15 per cent of up to $10,000 in eligible home renovation expenses. It could be claimed by senior homeowners and tenants, and people who share a home with a senior relative. Seniors at all income levels can qualify.
Eligible expenses include renovations to permit a first-floor occupancy or secondary suites for seniors, grab bars, handrails, wheelchair ramps, installation of walk-in bathtubs and showers, lowering counters and making light switches, etc.
To view all eligible expenses and learn how to claim the credit, visit the Ontario government website.
As a vocal advocate for tax rebate for Ontario homeowners, OREA supported the legislation and spoke in its support in front of the Standing Committee on Finance and Economic Affairs. Follow the link to see full presentation.
In addition to helping Ontario seniors remaining homeowners longer, the new tax rebate will help create jobs essential to the health of Ontario’s housing market and encourage the use of professional contractors and deter underground economic activity.
This is an amazing benefit to seniors and their families…..and to renovators!
For seniors these are some of the great tips for their sweet home to come true. Ans totally agree with Brockman that it is a great option for renovator too.
So happy the gov’t is thinking about incentives and initiatives for Seniors!
SO… I SPEND $1000.00 FROM MY SAVINGS,TO MAKE MY BATHROOM SAFER FROM SLIPS AND FALLS, AND PAY $130.00 IN HST ON THE JOB. TOTAL OUTLAY FROM SAVINGS= $1300.00.
SO NOW I GET A $150.00 NON REFUNDABLE “TAX CREDIT” ON MY INCOME TAX. BUT MY INCOME IS SO LOW THAT I DON’T OWE ANY INCOME TAX IN THE FIRST PLACE.
BOTTOM LINE… I’M OUT $1300.00 FROM MY SAVINGS AND THE GOVERNMENT GOT $130.00 OF IT.
THIS IS JUST ANOTHER EXAMPLE OF THE “SMOKE AND MIRRORS” THAT DALTON MCGINTY AND DWIGHT DUNCAN HAVE BEEN THROWING AT US FOR THE PAST 8 YEARS.
MOST SENIORS THAT HAVE TO PAY INCOME TAX WILL BE LUCKY TO SEE A SAVINGS EQUAL TO THE HST THEY PAY ON RENOVATIONS.
THIS “SMOKE SCREEN” WILL WORK FOR SO FEW ONTARIANS THAT IT’S HARDLY WORTH THE COST OF IMPLEMENTATION…. BUT HEY, IT COULD BUY A FEW VOTES!!
IT WORKS IF YOU CANCEL GAS POWER PLANTS, AND MOVE THEM SOME PLACE ELSE…. BUT GUESS WHAT ??
EVENTUALLY PEOPLE WILL FIGURE IT OUT, AND YOU WILL HAVE TO RUN AWAY AND LEAVE THE MESS FOR OTHERS ! !
this is nice bill by govt and i hope that it will benefit alot if all fund are utilized properly