Tax Credits and Benefits for Seniors: Part 1
Healthy Homes Renovation Tax Credit: If you are 65 years old, and over you could get up to $1,500 to help with the cost of making your home safer and more accessible. The Healthy Homes Renovation Tax Credit is a permanent, refundable personal income tax credit for seniors and family members who live with them. If you qualify, you can claim up to $10,000 worth of eligible home improvements on your tax return. The amount of money you get back for these expenses is calculated as 15 per cent of the eligible expenses you claim. For example, if you spend and then claim $10,000 worth of eligible expenses, you could be eligible to receive $1,500. The Healthy Homes Renovation Tax Credit can help with the costs of improving safety and accessibility in your home. Explore the interactive house below for examples of changes you could make. Seniors and their family members at all income levels are eligible.
Home and Vehicle Modification Program: It is possible to receive money to help with the cost of making your home and vehicle more accessible if you have a disability that restricts mobility. This money is a last resort option due to the minimum amount of cash in this program. However, the maximum government contribution for home and vehicle modifications is $15,000 per client for home modifications and/or $15,000 per client for vehicle modifications. The government contribution may be spent on the following goods and/or services: design schematics and professional fees of contractors, architects or other professionals needed to plan construction or installation. In addition, the equipment and supplies needed for the approved modifications, the cost of any warranties and the installation of any equipment, the approved structural alteration of the home and/or vehicle, including labour and/or training on the use of equipment, provided by the contractor/ supplier/ vendor.
Ontario Senior Homeowners’ Property Tax Grant: If you are 64 years old and over and own your own home, you are eligible to receive up to $500 to help with the cost of property taxes each year. You are eligible if your family net income for the previous year was $35,000 or less. The amount you receive is adjusted if you make between 35,000-50,000 and you are not eligible if you make over $50,000 per year. Here is how you apply for the grant: You complete the application for the Ontario Trillium Benefit and Senior Homeowners’ Property Tax Grant, which is part of your personal income tax and benefit return. You have to report the amount of property tax you paid on line 6112 on the ON-BEN application. Remember to use total property taxes paid including the municipal and education property taxes.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
