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.