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Seniors' Home Renovation Tax Credit

posted Feb 23, 2013, 12:13 PM by Margaret Lin CPA, CGA, CFP   [ updated Nov 7, 2013, 12:05 AM ]

The B.C. seniors home renovation tax credit assists individuals 65 and over with the cost of certain permanent home renovations to improve accessibility or help a senior be more functional or mobile at home.

 

The program starts April 1, 2012 so your renovation expenses must happen on or after this date.

 

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 become payable. Expenses made or incurred under an agreement entered into before April 1, 2012 do not qualify.

 

You’re eligible to claim the credit for the year if on the last day of the tax year you’re:

 

  • a resident of B.C., and
  • a senior or a family member living with a senior.

 

The renovation must be to your principal residence, which is the home you primarily live in (including a non-seasonal mobile home).

 

The credit can be shared between eligible residents of the home to a 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 (maximum $10,000 in expenses). The credit is a refundable tax credit, which means if the credit is higher than the taxes you owe, you’ll receive the difference as a refund.

 

Please click link below for more details and what qualifies:

http://www2.gov.bc.ca/gov/topic.page?id=429E0E95383B459DAEAB4532C57BBE2D

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