Helping Seniors Stay At Home, Safely
Proposed Tax Credit Would Support Renovations To Senior's Homes
Ontario is proposing a new tax credit that would make it easier for seniors to stay safely in their homes for longer.
Premier Dalton McGuinty visited the home of a 91-year-old senior who lives in Hornby, Ontario today to talk about his government's proposed Healthy Homes Renovation Tax Credit. The credit would make it more affordable for seniors to make upgrades to their homes, such as installing a ramp or a lift. This would allow seniors to stay in their homes longer.
The tax credit would be available to senior homeowners and tenants, and people who share a home with a senior relative. It would be claimed on the Personal Income Tax return for 2012 and following years, and would be 15 per cent of up to $10,000 in eligible expenses per year. The maximum credit would be $1,500 each year.
Homeowners should save their receipts for eligible expenses made on or after October 1, 2011 -- that would include permanent modifications that improve accessibility or help a senior be more functional or mobile at home.
This credit would help keep seniors safe, relieve pressures on long-term care home costs and support jobs in home renovation.
- The credit would create jobs by spurring additional demand in the construction sector and for products that improve mobility around the home.
- It would support about $800 million in home renovation activity and around 10,500 jobs every year.
“We want families to have the peace of mind that comes with knowing that a mom can make it safely upstairs, or a dad can easily get to the kitchen. This credit would help our seniors live independently longer and it would also create jobs across the province to help build a stronger future for all Ontarians.”