FACTS: Did you know?
Seniors Home Renovation Tax Credit up to $1000
New tax credits are helping BC seniors live healthy, independent lives. BC families can now get up to $1,000 a year to help with renovations that allow seniors to stay in their own homes longer or move in with their family.
The credit helps offset the cost of home improvements — such as the addition of hand rails, ramps or walk-in bathtubs — that seniors need to be safe and able to enjoy their own homes longer.
The credit can be claimed by seniors (65 and older), or family members living with them, regardless of whether the home is owned or rented.
The bottom-line benefit, which you get after filing your income taxes, works out to 10% of eligible renovation expenses, up to a maximum of $1,000 a year.
This tax credit was introduced in February 2012 as part of the government’s commitment to make life more affordable for families.