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.