Ontario seniors are getting a home renovation tax credit next year so they can live safely in their homes for a longer period of time.

This new home renovation tax credit was announced by the Ontario government last week and will be in effect for the 2021 year only.

The Seniors’ Home Safety Tax Credit will be a tax credit for the 2021 tax year worth 25% of up to $10,000 in eligible expenses to make homes safer and more accessible.

Eligible projects could include grab bars, accessible showers, raised toilets, wheelchair ramps, chair lifts, wider doorways – anything that improves safety or accessibility in the home.

Some examples of how this would work:

-you add grab bars to your bathroom in Toronto, the cost is $1,000. You receive a $250 tax credit.

-you remove a tub and add an accessible shower in your Etobicoke home. The shower includes grab bars, a seat, handheld shower head, at a cost of $10,000. You receive a $2,500 tax credit.

-you add a wheelchair ramp to your home in Caledon at a cost of $5,000, you receive a $1,250 tax credit.

The crisis in long-term care homes is motivating seniors to modify their homes to live at home longer. At Inspire Homes, we have seen the numbers of calls for accessible renovations nearly double since last year, and we expect to see this trend continue.

 

Accessibility experts

We have been working on accessible modifications to homes for over 10 years. In the past few years, the number of projects has increased significantly. Our designer is completed the Certified Living In Place designation this month.

 

Where we work

Inspire Homes serves the central and west parts of the Greater Toronto Area, including Toronto, North York, Etobicoke, Mississauga, Richmond Hills. We also serve the areas in the north-west of the GTA, including Caledon, Erin, Mono & King Township.

 

The tax information in this article is based on our interpretation of this program. Always consult a tax expert for specific tax advice.