For seniors and people with disabilities, it is important that your home meets your needs.
The Home Renovation Tax Credit for Seniors and Persons with Disabilities assists eligible individuals with the cost of certain permanent home renovations that improve accessibility or help them be more functional or mobile at home.
The program for seniors (and family members living with seniors) started April 1, 2012. Effective February 17, 2016, the program was extended to persons with disabilities and family members living with those individuals.
You are eligible to claim the credit if on the last day of the tax year you are a resident of B.C. and:
- A senior or a family member living with a senior.
- A person with a disability or a family member living with a person with a disability.
If you qualify for the Disability Tax Credit, you are also eligible for this credit. If you do not qualify for the Disability Tax Credit, but you pay for an attendant or care in a nursing home, you may still be eligible.
Learn about eligibility for claiming the Disability Tax Credit.
For seniors and family members living with seniors, your renovation expenses must happen on or after April 1, 2012. Expenses made or incurred under an agreement entered into before this date do not qualify.
For persons with disabilities and family members living with them, renovation expenses must happen on or after February 17, 2016. Expenses made or incurred under an agreement entered into before this date do not qualify.
Note: An eligible expense is deemed to have been paid on the earlier of the date on which the expense was paid or the date it becomes payable.
The credit can be shared between eligible residents of the home to the maximum amount of the credit. The maximum amount of the credit is $1,000 per tax year and is calculated as 10% of the qualifying renovation expense up to a maximum of $10,000 in expenses. The credit is a refundable tax credit, which means if the credit is higher than the taxes you owe, you will receive the difference as a refund.
To learn more, visit: http://www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/seniors-renovation.
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