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Home Accessibility Tax Credit

An individual may be eligible to claim a non-refundable tax credit of 15% on expenditures up to $10,000. The $10,000 limit is per year, per qualifying individual, per eligible dwelling. The expenditures must be “qualifying expenditures” in the year.

Qualifying individuals are either persons who are 65 years or older at the end of a particular year or persons who are eligible for the disability tax credit at anytime in the year.

This tax credit may also be claimed by an individual who could otherwise have claimed the spousal credit, caregiver amount, or infirm dependant amount (over 18) for a qualifying individual (assuming that the qualifying individual has no income for the year).

An eligible dwelling must be owned and meet tests similar to a principle residence.

  • Can also be claimed by an individual who could have claimed the spousal credit, caregiver amount or inform dependant (over 18) for qualifying individual assuming that person had no income.

An eligible dwelling must be owned and meet tests similar to a principle residence.

  • Dwelling could be owned by a trust.

Limited to $10,000 per year qualifying individual and eligible individuals and to $10,000 per eligible dwelling.

Home Accessibility Tax Credit – Eligible Expenditures

Expenditures must be of an enduring nature and integral to the building to claim the credit.

Amounts that cannot be claimed include:

  • Costs incurred to improve or maintain the value of the residence
  • Repairs and maintenance
  • Appliances and audio-visual equipment
  • Good or services provided by non-arm’s length person

Qualifying expenditures must enable the individual to gain access, to be more mobile or functional within a dwelling or reduce the related risk of harm.

Expenses may also be claimed as a medical expense and the Ontario Healthy Homes Renovation Tax Credit.

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The Small Business Deduction gives businesses a tax deduction on the first $500,000 of income. This saves an eligible corporation around up to $50,000 in income taxes. There are a number of conditions that have to be met to be eligible for this deduction.

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pro-tip

Pro Tip

ACCESSING THE SMALL BUSINESS DEDUCTION IN YOUR BUSINESS

The Small Business Deduction gives businesses a tax deduction on the first $500,000 of income. This saves an eligible corporation around up to $50,000 in income taxes. There are a number of conditions that have to be met to be eligible for this deduction.