Since the beginning of the pandemic, our government has introduced several tax credits that help the people of Ontario navigate the challenges caused by COVID-19. But to ensure uptake from people and improve lives, we need them to know these tax credits are out there.
The Seniors’ Home Safety Tax Credit for 2021 is a refundable personal income tax credit that can be claimed by people who turn 65 by the end of 2021 or those who live with a senior relative. It returns 25 per cent of up to $10,000 in eligible expenses (to a maximum of $2,500) for renovations to a senior’s principal residence in Ontario. Examples of eligible expenses include grab bars, wheelchair ramps, stair lifts, and renovations to move a senior to the first floor of a home. You can claim this credit when you file your taxes for the 2021 taxation year.
To help seniors stay in the homes they love, longer; the Seniors’ Home Safety Tax Credit will provide up to $2,500 for 25 per cent of eligible renovations to a senior’s principal residence in Ontario, for a total estimated $30 million in support for about 27,000 seniors and people who live with senior relatives.
“As a society and a government, we want to give our seniors the dignity and respect that they deserve,” said MPP Andrea Khanjin. “This credit will help give our seniors the opportunity to live in their home longer with the ones they love, maintain quality of life into their retirement and will provide some financial relief to the “sandwich generation” that are caregivers for their parents while also bringing up their own children.”
“This tax credit is great for all concerned. Consumers or their caregivers save 25% on eligible expenses just by filing their tax return,” said John Tom, owner of Superior Home Health Care. “They don't have to apply for a grant or ask for permission. And taxpayers save as the program has almost no administration costs. I commend the Ontario Government for making Aging In Place more affordable!"
“The provincial Seniors’ Home Safety Tax Credit is an important grant that is helping seniors age in place and comfort within their own homes,” said Bob Schickedanz, President of the Ontario Home Builders’ Association. “I am glad to hear that seniors and their families across Ontario are utilizing this program to make their homes more accessible, while also providing an important boost to the professional renovation sector who make these transformative changes happen.”
“C.A.R.P. Chapter 36, Barrie and Surrounding Areas Senior’s Community Fund, is pleased with the announcement of the Ontario Seniors’ Home Safety Tax Credit by MPP Khanjin, as one more step, in our quest to assist those living below the poverty line,” said Gwen Kavanagh, Chair of Barrie’s Chapter of Canadian Association of Retired Persons.
For more information, please visit https://www.ontario.ca/page/seniors-home-safety-tax-credit.