When we look at our data we notice that our readership is typically between the ages of 24-45 so if we could ask all of you youngsters to pass this information on to your parents or grandparents that would be great. You could save them $1,500 come tax time.
Have you heard of the Healthy Home Renovation Tax Credit? Well neither had we until one of our sources within a large accounting firm gave us a heads up. We haven’t seen any other brokerages comment so we thought we’d take the lead.
Basically if you were 65 years of age or older on December 31st, 2012 you are eligible to claim up to $10,000 of your “Healthy” home improvements for a 15% return on your 2012 taxes up to a maximum of $1,500. This tax benefit also applies to those (regardless of their age) who are making modifications to their home to accommodate a senior.
These Healthy Home Improvements include the following
The great thing is that you won’t need to submit receipts for the claim but you should definitely keep them handy in case the CRA comes a knockin.
To find out more about this credit give us a call and we’ll connect you with the right professionals. In the mean time if you’d like to stay connected give us a Like on Facebook and a Follow on Twitter or just simply email us for more.