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The tax credit is worth 20% of the amount paid over $2,500, up to a maximum of $5,500 per home. Also, some expenses would not quality, like renovations or repairs that simply improve the value of a home, like electrical updates or roof repairs. Also, mobility devices, like wheelchairs, rolling shower chairs and walkers, would not qualify for this tax credit, though there may be other credits available specifically for assistive devices. As with most tax credits, however, the CRA did not request many details confirming eligibility at the time of filing.
Provincial Home Renovation Tax Credits
Did you know that in addition to tax credits,you may also be eligible for grants from the federal and provincial governments? Expenses paid before December 31, 2016 for improving the safety and accessibility of your home will be eligible for a 15% tax credit on your personal income tax. While these programs aren’t tax credits technically, they are still government-run programs that provide financial assistance to those looking to make eco-conscious renovations to their homes.

Homeowners get approved – regardless of their credit, age or income. Further, some aspects of the program were not introduced until later years. As such, you’ll need to work with an accountant to determine eligibility when claiming the credit retroactively. There are still other programs you can use to save money on renovations, however. For people who require some level of care, it can be easier for their families to support them if they all live together in the same home. It also helps to consolidate housing costs to accommodate more than one family, especially given the soaring costs of home prices these days.
Home Renovation Tax Credit [Inactive]
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The work must be carried out at the primary residence or cottage and is subject to certain conditions. You can claim up to $10,000 worth of eligible home improvements at one residence on your personal tax return. At 15% credit, that’s a maximum of $1,500 that you can get back. Senior residents or those with disabilities can deduct certain expenses that increase the accessibility of their primary residence. This credit is available for many costs, including wheelchair ramps, grab bars, and widened doorways. It is expected that renovations made after January 1, 2022, will be eligible for a maximum $3,000 deduction.
Saskatchewan Home Renovation Tax Credit
This refundable personal income tax credit is for seniors and family members who live with them to help cover the cost of improving the home for safety and accessibility. The maximum amount of the credit is $1,000 per tax year and is calculated as 10 per cent of the qualifying renovation expense (maximum $10,000 in eligible expenses). British Columbia offers a home renovation tax credit for seniors and persons with disabilities. The credit is worth up to $1,000 per year and can be claimed for the cost of eligible home modifications. The credit allows you to deduct 10% of your qualifying expenses from BC income taxes.

Tax credits allow you to deduct a specified amount from your taxes due every year. If you do not use the entire credit in a specific year, you can generally carry the unused deductions into future years. Additionally, most programs allow you to share the credit with a partner or spouse.
Ontario Healthy Homes Renovation Tax Credit for Seniors [Inactive]
Those renovations must be of a permanent nature, as well as imperative to the home or land surrounding it. A plot of one-half hectare (1.24 acres), including the home and adjoining land, may also be considered eligible. You, your spouse, or common-law partner and any children under the age of 17 must regularly inhabit the home/property during the eligibility period. The total allowable credit can be divided among family members. You must have a qualifying relationship with a senior or disabled individual.
Check out more green tax credits and programs offered by the government. Eligible costs shall be reduced according to how they are reimbursed by a provincial, federal or municipal government. You can claim this credit if the renovation was made to your primary residence within 24 months after the end of 2021 . If you're looking for a way to improve your home and save money on taxes, then renovating could be the solution.
This benefit offers eligible BC residents a yearly tax credit to cover the cost of acceptable permanent home renovations. The program began in 2012 for seniors and their families, until it was extended to disabled persons in 2016. Luckily, your federal or regional government may offer tax incentives to residents who are financing their homes in various ways, such as home renovation tax credits.

Qualifying residents can receive up to a $1,000 credit from New Brunswick income taxes for renovations intended to provide mobility or decrease the risk for seniors. The refund rate is 10%, meaning you can spend a maximum of $10,000 to receive a $1,000 credit. However, any government assistance must be deducted from the $10,000 to calculate the new limit.
Applicants should save all receipts from retailers, suppliers and contractors related to these home modifications. While it’s not necessary to submit them with the tax return, it’s important that applicants have them on hand if they’re asked by the Canada Revenue Agency to produce them. Before you start any improvements, check to see that the work qualifies so you can claim the expense. Ineligible expenses would include those similar in intention to Ontario’s exclusions; aesthetic modifications, home maintenance, and more.

You must have a qualifying relationship with the individual who lives with you. But accommodating additional family members from different generations can be challenging, depending on the amount of space in a home. In many cases, renovating a house or adding to it can provide the extra space needed to comfortably house additional family members. The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. National Bank and its partners in contents will not be liable for any damages that you may incur from such use.