According to a recent news article @financialpost, “if you’re a senior or a person with a disability, or family member who lives with them, you may want to delay your home reno project by a few months if you think it may qualify for the new “home accessibility tax credit.”
What is the Home accessibility tax credit (HATC)?
The HATC will help seniors and disabled persons pay for the cost of renovations to make their homes safer and more accessible. The total amount claimed “for the year in respect of the eligible dwelling must not exceed $10,000.”
It is a non-refundable tax credit for qualifying expenses incurred for work performed or goods acquired in respect of a qualifying renovation of an eligible dwelling of a qualifying individual. Effective January 1, 2016. So it might be worth the wait for qualifying renovations.
Read the complete article: http://natpo.st/1P8mvL9
HATC FAQs are answered here by the CRA.
This tax credit is worth celebrating. At an estimated cost of $180 million over the next five years, this is the third largest reduction of tax revenues for the personal income tax. (Source)