Attention Baby Boomers: Don’t Sell… Adapt!
All you need to know about the government rebates to keep you in the comfort of your own home and how The Van Manna Homes Team can make this happen!
“Ottawa is addressing the large cohort of baby boomers who wish to remain in their homes as long as possible, with a tax break for mobility-focused upgrades. Seniors, their spouses, and those who qualify for the Disability Tax Credit can claim 15 per cent of eligible home improvements up to $10,000 up to a maximum benefit of $1,500 under the Home Accessibility Tax Credit.”
So, you’re thinking of renovating and want to know if you’re eligible for an accessibility renovation rebate? We’ve summarized the basics so you can quickly tell if it’s in yours or your family’s best interest to consider these home renovations.
First off, the renovations that will be eligible for a government rebate are 1) those which allow the qualifying individual (someone who is eligible for the disability tax credit for the year or someone who is 65 or older at the end of a year) to access the home or be mobile or functional within the home and 2) decrease injury risks to the qualifying individual within the home or in gaining access to the home.
A qualifying individual OR an eligible individual (spouse or common-law partner of the qualifying individual) who is making a claim for the qualifying individual can claim an amount for eligible expenses in a qualifying home renovation. Your home is considered eligible if it is 1) located in Canada AND 2) is either owned and normally lived in by the qualifying individual or owned and normally lived in by the eligible individual and the qualifying individual.
Follow the link below for more details on how to qualify, which expenses are eligible and ineligible, and what documents are needed to support eligible expenses!
If you are thinking of renovating, let Van Manna Homes help! Contact us anytime for any and all of your renovation questions, concerns and needs!