Spring is the perfect time to tackle a home renovation. If you’re thinking of putting in an in-law suite to care for an aging parent, here’s a helpful reminder on how they can benefit from the $1,000 Seniors' Home Renovation Tax Credit.
The
B.C. Seniors’ Home Renovation Tax Credit will be a new refundable personal
income tax credit to assist with the cost of permanent home renovations that
provide individuals age 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.
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