Posted on April 22, 2015
Federal and provincial budgets encourage at-home independence
HME is British Columbia’s largest home-accessibility company with offices in Richmond and Victoria.
The new tax incentives were unveiled by the Government of Canada and the Province of British Columbia in their respective fiscal 2015/16 budgets.
Qualifying home-owners may use the tax credits to offset or reduce purchases of equipment such as stairlifts, vertical platform lifts, grab bars and superpoles, ramps and other equipment, as well as home modifications.
On April 21, the federal government introduced a new ‘Home Accessibility Tax Credit’ to provide financial relief to seniors and persons with a disability who spend as much as $10,000 in one year to modify their residences.
The credit also may be used by individuals or caregivers who expend monies on home modifications and equipment for their spouses or common-law partners, as well as an eligible or infirm dependent.
So as to qualify for the tax credit, home-access modifications and equipment must be enduring in nature. They also must assist qualifying individuals gain access to, or be more mobile or functional within, their own residence, and reduce the risk of harm at home.
In February, the B.C. government introduced a new ‘Seniors Home Renovation Tax Credit’ to assist individuals 65 years of age and older improve their mobility and functionality within their own home.
The provincial credit – which became effective on April 1, 2015 – may be shared between the eligible residents in a principal residence. The maximum amount of the credit is $1,000 per each tax-year, which is calculated as 10 per cent of the qualifying renovation expense to a maximum of $10,000.