Our homes are our castles, and for many they have lived in their home for decades, and hope to continue to live there even longer. However, as we age, our home has hazards that raise safety concerns. Fortunately, there are a number of programs available that can make it more affordable to add a Homelift to your home and reduce the risks. If you need to renovate your home to include a Homelift, there is currently a Seniors’ Home Safety Tax Credit that is available, but only for 2021. This credit allows a homeowner to claim a 25% rebate on up to $10,000 for a maximum of $2,500 back.
This tax credit is only available for home renovation expenses that improve the safety and accessibility of a home or help a senior be more functional or mobile at home. These expenses must be paid or made payable in 2021 in a senior’s principal residence in Ontario in order to qualify for the tax credit.
People who live with senior relatives or that are 65 years or older by the end of 2021 can claim this credit when filing their taxes for the 2021 taxation year (next spring). It’s crucial that you get and retain receipts from suppliers and contractors for the tax filing.
Find out if you are eligible for this tax credit visit
Keep in mind that this $2500 rebate is currently available only for renovations done in 2021, so don’t wait, start planning now and make your home a safer and more accessible place to live in.
To learn more about our Homelifts or these financial programs, contact Brian today for your free in-home consultation to see if a Homelift is the right product for you to ensure you can stay in your home for as long you want.