The CRA Home Renovation Tax Credit is a tax credit that returns money from home improvements for seniors and, in some jurisdictions, persons with disabilities also. There are many benefits to this program, but not necessarily for home renovations in Calgary. To learn more, simply read on below.
How Does the Home Renovation Tax Credit Work?
First, it is important to mention that only two provinces in Canada currently have a Home Renovation Tax Credit program in place. These locations are British Columbia and New Brunswick. In many ways, the two programs are similar, but there is at least one important distinction.
The tax credit in British Columbia is available for persons with disabilities and seniors, whereas the program in New Brunswick only applies to those people over the age of 65. However, aside from this key difference, the two programs offer almost exactly the same benefits.
The Home Renovation Tax Credit is chiefly available for accessibility upgrades. This terminology applies to almost all areas of the home, including:
- Sinks for use when sitting
- Raised toilets
- Wheelchair ramps
- Lever-style handles
- Interior and exterior light fixtures
- Hands-free taps and faucets
- Non-slip flooring
However, there are also home renovations that do not apply for claiming the tax credit. Examples of upgrades that do not apply could include:
- Roofing upgrades
- General plumbing or electrical repair
- Heating or cooling systems
- Electronic devices such as walkers, wheelchairs, home entertainment, etc.
- General safety equipment like fire extinguishers, smoke alarms and carbon monoxide detectors
For people who are eligible to claim the credit in either jurisdiction, they will benefit from up to $10,000 in tax credits for their purchases. This can be a great boon for these provinces’ residents as it provides a convenient pressure relief valve for adopting new ways of living during changing circumstances.
How This Helps Calgary Home Renovations
While this program isn’t currently available in Alberta, it does bode well for the future of financial assistance in this province. Plus, we also have several similar programs for our at-risk residents, such as the Alberta Seniors Benefit, Seniors Property Tax Deferral, Special Needs Assistance for Seniors (SNA) and other programs.
In closing, several options exist to make the most out of your home renovations in Calgary. To learn more and ensure you are getting the best deal possible on your next renovation project, give us a call today and get even more information!
Solid Solutions Renovations commits to providing homeowners and developers in Calgary with all their renovations needs. From kitchen renovations to basement developments in Calgary, we’re your one-stop-shop for everything. Our team will work side-by-side with you to ensure that your vision comes to life. We’re open with our processes and communication, and will happily answer any questions or concerns you have. We proudly serve Calgary and surrounding areas, including Airdrie, Chestermere, Cochrane, Okotoks, and more. For home renovations in Calgary, contact Solid Solutions Renovations at 403-477-0987 today.
