A professional home renovation not only helps enhance the aesthetics, it helps improve the functionality of the living space and also boosts the overall value of the property. The Canadian government offers several tax credits, grants, and rebates to homeowners, specifically for expenses related to home renovation.
Homeowners can avail the Home Renovation Tax Credit for the amount spent on renovating their homes. This financial incentive is aimed at lessening the financial burden of home improvements on the people while boosting economic growth.
Let’s delve into the details of what the BC Seniors Home Renovation Tax Credit entails and how it can benefit homeowners.
What is the Home Renovation Tax Credit?
The Home Renovation Tax Credit (HRTC) is a government initiative aimed to encourage Canadians to invest in home improvements and renovations.
It was introduced with the intention of boosting the economic activity in the housing and construction sectors and providing homeowners relief to make improvements to their houses.
Home renovations breathe new life into living spaces, and the BC Seniors Home Renovation Tax Credit particularly aims to provide an extra incentive to the seniors living in British Columbia to embark on home improvement and renovation projects.
This home renovation tax credit aims to support seniors in maintaining comfortable and safe homes, considering their age and requirement for changes in the home to make it easy to navigate.
Let’s explore the details of the BC Seniors Home Renovation Tax Credit and how it can provide financial relief for seniors in British Columbia.
What is the BC Seniors Home Renovation Tax Credit?
The BC Seniors Home Renovation Tax credit can be availed by seniors or family members living with a senior. It can be availed by both homeowners and people living in a rented property.
The tax credit amount available is up to $1,000 per calendar year calculated as 10% of eligible home renovation expenses.
To be eligible for the BC Seniors Home Renovation Tax Credit:
- The senior should be 65 years or older.
- Individuals should have been residents of British Columbia on the last day of the last tax year
- Should have claimed the federal government’s disability tax credit.
To be eligible to receive the tax credit there are a few other requirements which need to be met, the renovation should be carried out to improve mobility or navigation for the senior in the house.
The renovation can be aimed to reduce any risk of injury for the senior. The renovations to be eligible for the BC Seniors Home Renovation Tax Credit should be specifically aimed at improving the home to make it a better and safer place for the seniors.
Understanding the BC Seniors Home Renovation Tax Credit:
The BC Seniors Home Renovation Tax Credit is an initiative taken by British Columbia to assist seniors (above 65 years) in making required modifications/changes to their homes, to improve the home’s safety, accessibility, and comfort.
Which Home renovation expenses are eligible for the BC Seniors Home Renovation Tax Credit?
- Bathroom modifications like the installation of grab bars, walk-in bathtubs, or wheelchair-accessible showers that help in enhancing safety and accessibility for the seniors in the bathroom.
- Kitchen modifications and upgrades like making changes to the kitchen layout or installing appliances in a way that they are easily accessible, making it easy for use.
- Construction of wheelchair ramps to help improve accessibility for seniors with mobility issues.
- Installation of lifts or elevators in the house to help seniors navigate to the multiple levels of their homes.
- Widening of the doorways to facilitate easy and unrestricted movement of wheelchairs and walkers.
- Upgrading flooring, and installing non-slip floor materials to reduce the risk of slips and falls.
Benefits for BC Seniors Home Renovation Tax Credit:
- Financial Relief: Seniors or persons living with a senior can claim a non-refundable tax credit of 15% for the eligible expenses related to home renovations. This helps reduce the financial burden.
- Improved Quality of Life: The tax credit facilitates making modifications to the house to improve accessibility and safety for the seniors in the house.
- The tax credit initiative nurtures a sense of community support as it acknowledges the unique requirements of the seniors and provides them assistance.
How to claim the BC Seniors Home Renovation Tax Credit?
To claim the BC Seniors home renovation tax credit, individuals need to ensure the eligibility criteria are met. They need to retain detailed records of expenses in the form of receipts, invoices, and contracts.
Stay Able – Your trusted home contractor
The BC Seniors Home Renovation Tax Credit is a valuable means of resource that helps in creating homes that are functional and safe to meet the evolving needs of an aging population.
At Stay Able, as part of our home renovation services, we are staffed with a variety of resources and solutions designed to help finance home renovations safely and independently.
As a trusted home contractor, our goal is to understand what you do in your home every day. Walking, bathing, cooking and other activities may require special care, and we can help. Our home improvement and renovation services will transform your home, to keep you safe, accessible, and independent.