Friday, March 30, 2012

BC Seniors Renovation Tax Credit


As of this Sunday, April 1, a new B.C. Seniors’ Home Renovation Tax Credit will be available to help with the cost of permanent home renovations so that British Columbians aged 65 and over will have the flexibility to remain in their own homes longer. 

“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 refundable credit will be worth up to $1,000 each year, and it will be available to seniors or family members sharing their home, regardless of whether they own or rent.

The maximum credit will be $1,000 annually, calculated as 10 per cent of eligible expenditures. The credit will be available to individuals who incur eligible expenditures on or after April 1, 2012. 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. 

Legislation will be introduced later this spring, at which time a detailed list of eligible expenses will be available. Eligible expenditures will include things like:
  • Upgrades to improve accessibility, including handrails, grab bars, walk-in bathtubs and wheel-in showers.
  • Wheelchair ramps, lifts and elevators.
  • Motion-activated lighting.
  • Certain renovations to allow a first-floor occupancy or secondary suite for a senior relative (e.g., adding a bedroom/bathroom to the main floor so a senior can have access without having to use the stairs, eligible renovations must be “disability” related).
Below are some expenditures that will be excluded from eligibility:
  • General maintenance, including roof repairs, windows, flooring, insulation and painting.
  • Devices, such as equipment for medical monitoring and home security, smoke alarms, appliances.
  • Services, including home care, housekeeping and gardening.

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