This new non-refundable credit will provide federal tax relief of 15% on up to $10,000 of eligible expenditures per calendar year, per qualifying individual (a person 65 years of age or older at the end of the particular taxation year or a person eligible for the Disability Tax Credit). If there is more than one eligible individual in a residence, the maximum eligible expenditure for that property will be $10,000. A qualifying renovation is a renovation or alteration that is of an enduring nature and is integral to the eligible dwelling. The renovation must -
allow the qualifying individual to gain access to, or to be mobile or functional within, the eligible dwelling; or
reduce the risk of harm to the qualifying individual within the eligible dwelling or in gaining access to the dwelling.
The credit is eligible for expenditures after 2015. This credit may be compounded with the similar provincial credits offered in BC, Ontario, and New Brunswick.
Action Item - As the $10,000 limit is annual, consider improving the house in stages over a number of years.