New Home Tax Credit For Seniors
Tuesday, February 21, 2012 @ 3:14 PM
Victoria- BC Fiance Minister Kevin Falcon has announced a new program,
the BC Seniors’ Home Renovation Tax Credit that will be a new refundable
personal income tax credit to assist with the cost of permanent home
renovations that provide individuals aged 65 and over with increased
independence, allowing them the flexibility to remain in their own homes
longer.
The maximum credit will be $1,000 annually calculated as 10 per cent of
eligible expenditures. The credit will be available to individuals who
incur eligible expenditures on or after April 1, 2012. The credit can be
claimed by seniors, whether they own their home or rent, and by
individuals who share a home with a senior relative.
Falcon also announced a Childrens Fitness Credit.
The Children’s Fitness Credit is a non-refundable tax credit of 5.06 per
cent of eligible expenditures up to $500 for each child, providing a
benefit of up to $25 per child.
The Children’s Arts Credit is a non-refundable tax credit of 5.06 per
cent of eligible expenditures up to $500 for each child, providing a
benefit of up to $25 per child.
For both the Children’s Fitness Credit and the Children’s Arts Credit,
eligible expenditures are those that qualify for the federal children’s
fitness and arts credits.
Comments
What a no Brainer. How many seniors do home reovations? We did all our renovations whil we were still working.
And do children need the government to help them. One would think their parents would be invollved.
Cheers
I am not too sure what retired 02 saw when he/she read the budget item, but this is what I saw/see…..
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to assist with the cost of permanent home
renovations that provide individuals aged 65 and over with increased
independence, allowing them the flexibility to remain in their own homes
longer.
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This, to me, would likely be things like wheelchair access, bathroom door widening, etc. Only worth 10 % to a max…$1000 of eligible reno costs as as a tax credit.
Not too many people think to reno their house for age related access.. Perhaps retired 02 is a forward thinker and has covered these bases.
Is there not a program already that exists for wheelchair access, bathroom door widening etc? Is it not the RAP? I had a family member get a ramp, raised toilet, bathroom safety bars etc. a few years ago, I know they did not have to pay to have it done – must go by income….. Does one not need to be classified as “disabled” through the government& doctor to attain these?
It will be interesting to see what the “eligible expenditures” are. Will also be interesting to see how many seniors will look at the option of spending 10,000 to get 1,000 back……..Guess it would be better spent then putting it in the bank ;) Also, would be interesting to find out how many seniors can actually afford it.
Looks like there will be improvements to some houses. Could it become a new trend for housing sales in the future? ;) Well, ….some seniors may be downsizing or have more than one family in a large house in order to afford retirement the way things are going.
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