Renovation tax credit to help seniors stay in their homes
As of April 1, B.C. seniors are eligible for a new, refundable personal income tax credit to assist with the cost of permanent home renovations that allow them the flexibility to remain in their own homes longer.
The B.C. Seniors’ Home Renovation Tax Credit is worth up to $1,000 annually, calculated as 10 per cent of eligible expenditures.
The credit can be claimed by seniors, whether they own their home or rent, and by individuals who share a home with a senior relative.
“Home is where the heart is. We know that seniors, like everyone else, are happiest in their homes,” Premier Christy Clark said. “That’s why our government introduced the Seniors’ Home Renovation Tax Credit, to help seniors stay independent, healthy and in their homes.”
The tax credit will also help to protect and create jobs by supporting the home renovation industry.
Eligible expenditures will include things like upgrades to improve accessibility, including handrails, grab bars, walk-in bathtubs and wheel-in showers, as well as wheelchair ramps, lifts, elevators, motion-activated lighting, and certain renovations to allow a first-floor occupancy or secondary suite for a senior relative.
Renovations not covered by the tax credit are general maintenance, including roof repairs, windows, flooring, insulation and painting, as well as devices, such as equipment for medical monitoring and home security, smoke alarms, appliances.