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December 19, 2021

Some seniors missing out on tax credit for home upgrades

Ontario seniors have just a few more days to qualify for a tax credit for making renovations to their home that will improve accessibility.

The credit - which is valid for any work done to improve access and mobility in the home - can be applied to anything done from October 2011 to the end of 2012.

The actual credit is 15% of the cost of the renovations and seniors at all income levels can qualify.

The maximum amount a resident, including people who share a home with a relative who's a senior, can claim in any given year is $10,000 in renovations, which could entitle them to up to a $1,500 refund.

Home improvements such as insulation or roof repairs, or upgrades to increase a home's value such as a new garage door, aren't eligible - although a garage door opener might be. As would stair lifts, wheelchair ramps, handrails, adjustable counters, non-slip flooring and wider doors.

Installation of walk-in bathtubs and showers, lowering counters and making light switches, electrical outlets and door locks easier for access are also included in the eligible expenses, among a number of other items.

By Gordon Powers, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...