Do you need to make home modifications so you or a family member can age in place? Are you based in British Columbia?
Good news! You may be able to use your tax credit to help fund your home project.
Scroll down to find out if you’re eligible to receive either the B.C. Home Renovation Tax Credit for Seniors and Persons with Disabilities or Canada’s Federal Home Accessibility Tax Credit.
The B.C. Home Renovation Tax Credit for Seniors and Persons with Disabilities was launched by the British Columbian liberal government in 2012 to help homeowners reduce the cost of purchasing equipment such as stair lifts, vertical platform lifts, grab bars, safety poles, custom handrails and more. The tax credit can also be applied to the cost of home modifications, such as the installation of custom ramps.
To qualify for the tax credit for the year, the applicant must check the following boxes at the end of the tax year:
Introduced in April 2015, the Federal Home Accessibility Tax Credit provides financial support to applicants who meet the following requirements:
The credit is calculated as 15 percent of eligible renovation expenses, which means that for a $10,000 claim on eligible improvement, the reduction in payable federal taxes would be $1,500.
The credit may also be extended to caregivers or individuals who spend for home modifications for their spouse or common-law partner, or for an eligible or infirm dependent.
Projects that are eligible for the B.C. Home Renovation Tax Credit or Federal Home Accessibility Tax Credit are renovations, installation, or equipment that would benefit the senior or person with disability in any of the following ways:
Any modifications or purchases made to increase the value of the residence are ineligible.
Some eligible equipment or installations include:
If you have questions regarding applying for a tax credit, contact Home2stay for more information on eligible renovations and equipment. You may also check out the following websites: BC Government and Government of Canada.
Mia Chua is an offshore team member of Home2stay, managing marketing, content creation and assisting with overall operations. Accessibility and inclusivity are global issues, and she has big dreams to someday bring what she learns from Home2stay to influence positive changes to her own country across the globe.
Prior to joining Home2stay, she worked in operations and marketing in the real estate and fast-moving consumer goods industries.
Her interests include picking up new skills, cooking and baking, health and wellness, technology and social issues.