OHBA supports the provincial government’s plan to implement a Healthy Home Renovation Tax Credit. Homeowners will qualify for a tax credit when they make a home retrofit for accessibility purposes allowing seniors to age-in-place, improve the quality of Ontario’s aging housing stock and stimulate the economy.
In a media release President Doug Tarry said, “we strongly believe that a renovation tax credit will encourage home owners to collect receipts and hire legitimate business rather than paying cash under the table. The underground ‘cash’ economy is rampant in the renovation sector and the Seniors Healthy Home Renovation Tax Credit should help combat illegal activity.”
The HHRTC would be worth up to $1,500 each year, calculated as 15 per cent of up to $10,000 in eligible home renovation expenses that would help seniors stay safely in their homes. It could be claimed by senior homeowners and tenants, and people who share a home with a senior relative.
Examples of eligible renovations include:
Widening passage doors
Lowering existing counters/cupboards