Ontario Seniors get 10K Tax Credit for Renovations

Ontario Senior $1500 renovation tax incentive. Healthy Homes Renovation Tax Credit

  Ten thousand dollars in Tax credit will be available for Ontario seniors to renovate and improve accessibility. The Ontario government bill passed in the minority legislature by a vote of 68 to 36.

This was promised to seniors in Ontario by Premier McGuinty during the election campaign. “The tax credit is worth up to $10,000 in eligible home renovation expenses and $1,500 each year, or 15 per cent” Navtaj Chandhoke, founder of World Wealth Builders, a Canadian Real Estate investment training educational and mentoring center in Toronto, Ontario.

The wheelchair ramps, elevators, non-slip bathroom flooring, hands-free taps, automatic garage door owners and motion-activated lighting qualify for this tax credit including grab bars, walk-in bathtubs, Home security and housekeeping, regular house repairs and wheelchairs/

walkers services are not covered under the Healthy Homes Renovation Tax Credit.  Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada says It can be claimed by Ontario senior homeowners, tenants and people who share a home with a relative who’s a Ontario senior.

Tax Credit for Renovations

This new tax credit will also help achieve the goals of our Action Plan for Health Care by keeping our loved ones out of hospitals and long-term care, and at home, where they want to be,Health Minister Deb Matthews says in a press release.Canada Revenue Agency (CRA) can  demands proof of expenses and claimants don’t need to submit receipts, although they should be kept in case.

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