OTTAWA -- Ministry of Seniors and Accessibility announced the extension of Ontario’s Seniors Home Safety Tax Credit helping seniors stay in their homes longer.
The Seniors’ Home Safety Tax Credit is a refundable credit worth 25 per cent of up to $10,000 per household in eligible expenses, to a maximum of $2, 500.
This refundable credit can be shared by people who live together, including spouses and common law partners.
The extension will assist seniors, or those living with senior relatives, to renovate their homes to make them safer and more accessible.
The Honourable Minister of Senior and Accessibility, Raymond Cho indicated, “We are empowering Ontario’s seniors with the choice to live in their homes and remain in their community as long as they choose.” He further commented, “Providing a tax credit for renovations will give seniors and their families real help to stay in their homes longer.”
Peter Bethlenfalvy, Minister of Finance, stated, “Our government continues to make the necessary investments to build Ontario and protect the progress we’ve made against COVID-19. We know that seniors would prefer to stay in their homes, where they are the most comfortable. That’s why we are pleased to being forward this plan to give them extra time to benefit from this tax credit.”
Their announcement included examples of renovations that qualify.
- Installing grab bars and related reinforcements in bathrooms
- Wheelchair ramps, stair lifts and elevators
- Light fixtures in the home and exterior entrances
- Non-slip flooring
- Automatic garage door openers
- Certain renovations to allow first-floor occupancy or a secondary suite for a senior
Cathy Hecimovich, CEO of the Ontario Retirement Communities Association, reacted to this announcement by saying, “We believe in putting seniors first. We welcome this government’s efforts to help secure the safety and protection of Ontario seniors so they can thrive and continue to contribute to our great province.”
The Government noted that Extending the Seniors’ Home Safety Tax Credit is part of the 2021 Ontario Economic Outlook and Fiscal Review: Build Ontario.
This plan lays out how the government will build the foundation for Ontario’s recovery and prosperity of “getting shovels in the ground on critical infrastructure, attracting increased investment, and restoring leadership in auto manufacturing and other industries.”
This plan is also meant to continue protecting Ontario’s progress against the COVID-19 pandemic.
Other facts shared the government’s announcement highlights the fact that this Seniors’ Home Safety Tax Credit is available to Ontario seniors or those who live with senior relatives regardless of their incomes and whether they owe any tax.
Furthermore, individuals can claim the credit for renovation expenses to their principal residence, whether their own or rent, or to a residence that they reasonably expect to become their principal residence within the 24 months following the end of the year.
In order to claim the tax credit, claimants should keep receipts from suppliers and contractors.