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Renovation Tax Relief for Seniors and Disabled Persons

Seniors and persons with disabilities will be getting help from the Federal Government to assist with age and disability related renovations to their homes.

The 2015 Federal Budget proposes to create a Home Accessibility Tax Credit. The proposal would provide tax relief of 15% of up to $10,000 in renovation expenditures, up to $1,500 in tax relief.

Qualifying individuals are seniors and persons with disabilities, and eligible dwellings are the principal residence in which the person lives.

Eligible expenditures are those that allow an individual to gain access to, or to be more mobile within the dwelling, and those that reduce the risk of harm to an individual. This could include such items as a wheelchair ramp or an elevator to gain access to the dwelling, wider interior doorway to gain access to rooms, walk-in bathtubs, wheel-in showers and grab bars.

The information in this article has been obtained from the proposed budget. We suggest you check with your accountant or the government for specific information related to your specific circumstances.