Tuesday, January 12, 2016

Seniors Qualify for Healthy Home Tax Credits!

Choosing whether to stay in your home or move to a seniors residence is a difficult decision to make. It is a choice that all of us will be faced with at some point in our later years. For some, the choice is simple. Their home is where they’d prefer to be.

It is important to prepare your home, and make it safe for your aging needs. Installing additional handrails, grab bars in the washrooms and comfort height toilets are just a few of the small adjustments you’ll likely need to make. There are many new products that are adapted to give seniors the ability to stay in their home longer. Motion activated lighting, hands free taps, and touch and release drawers and cupboards all provide simple adjustments to take the stress out of managing your daily needs as you age.

With costs of nursing home care rising steadily, the government of Ontario has instituted a special tax credit for seniors who want to stay in their homes, to encourage safe home living in an effort to keep seniors in their homes longer. You can claim up to $10,000 worth of eligible expenses per year. All you have to do is save your receipts and submit them with your tax return.

Only certain renovation work qualifies. Installing non-slip flooring, installing adjustable/lowering counters or cupboards or a hand-held shower are examples of work that will qualify. A full list of qualified improvement examples is available at www.blakeshandymanservice.com/healthy-homes .

There are also many programs available for people with disabilities to stay in their homes including Medical Expense Tax Credits, CMHC’s Residential Rehabilitation Assistance Program for Persons with Disabilities, Property tax exemptions for certain home alterations. The Ontario.ca website has many resources for you including a tax credit calculator to see how much money you could get back for your improvement work .

Posted at 02:27 PM