Oakville Real Estate News

Healthy Homes Renovation Tax Credit


Blog by Joette Fielding | March 18th, 2013


Healthy Homes Renovation Tax Credit 2012

Healthy HomeThe Healthy Homes Renovation Tax Credit is a permanent, refundable personal income tax credit for seniors and family members who live with them. If you qualify, you can claim up to $10,000 worth of eligible home improvements on your tax return. The amount of money you get back for these expenses is calculated as 15 per cent of the eligible expenses you claim. For example, if you spend and then claim $10,000 worth of eligible expenses, you could get $1,500 back.

 Do I qualify for the home renovation tax credit?

To qualify for the credit, you need to be:

  • · 65 years old or older by the end of the year for which you are claiming the credit; or
  • · living with a family member who is a senior

Your income doesn’t matter — seniors and their family members at all income levels are eligible.

Family members

If you are living with a senior relative in your home, you could qualify for a total tax credit of up to $1,500 every year, regardless of income.

Calculating my credit

Use this online calculator to see how much money you could get back: http://www.ontario.ca/taxes-and-benefits/healthy-homes-renovation-tax-credit

How do I get the home renovation tax credit?

You have to claim your total expenses on your personal income tax return. To do this, you will have to complete Schedule ON(S12) of your tax return and put the amount you spent on eligible renovations next to box 6311 on form ON479.

For the 2012 tax year: you can claim expenses related to work billed for between October 1, 2011 and December 31, 2012.

For tax years 2013 and after: each year, you can claim expenses related to work billed for in that year.

Learn more about how to file your income tax return

Maximum claim

You can claim up to $10,000 worth of eligible expenses per year.

Receipts

Save your receipts for any modifications you make. You will not have to submit them with your tax return. But you will have to keep them in case the Canada Revenue Agency asks you to verify your expenses.

Eligible renovation expenses

Not all renovation work qualifies for this tax credit. Before you start any improvements, check to see that the work qualifies so you can claim the expense.

Examples of work that qualifies:

  • Non-slip flooring in the bathroom
  • Installing a hand-held shower
  • Door locks that are easy to operate

See what other expenses would be eligible

Examples of work that does not qualify:

Renovations or repairs that simply improve the value of a home or are recurring repairs don’t qualify, such as:

  • Plumbing or electrical work
  • Repairs to a roof
  • Installing new windows

See what other expenses would not be eligible

Content compliments of Government of Ontario website: http://www.ontario.ca/


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