Finally Liberals have delivered what they promise.Tax credit for seniors in Ontario for renovating their home. Ontario Legislature passed the bill by vote of 68 to 36.
It was a promise Premier Dalton McGuinty made a year ago during the last election campaign. Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada said, “The credit is up to $10,000.00 in eligible home renovations or 15% up to $1,500 each year” wheelchair ramps, elevators, non-slip bathroom flooring, hands-free taps, automatic garage door owners and motion-activated lighting qualify for this tax credit including grab bars, walk-in bathtubs, Healthy Homes Renovation Tax Credit does not cover the services of Services home security,housekeeping, regular house repairs and wheelchairs/walkers. Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada says: “It can be claimed by Ontario senior homeowners, tenants and people who share a home with a relative who’s a Ontario senior.”
This program can offset the cost to Canadian Real Estate Investors who have seniors as their tenant.
This new tax credit will also help achieve the goals of our Action Plan for Health Care by keeping our loved ones out of hospitals and long-term care, and at home, where they want to be,â€ Health Minister Deb Matthews says in a press release.
There is no income cut off. Ontario seniors don’t need to submit receipts, although they should be kept in case Canada Revenue Agency (CRA) demands proof of expenses.
This is another tax credit available senior homeowners, tenants and people who share a home with a relative who’s a senior.
WorldWealthBuilders.com have a list of Canadian grants, tax credits and rebates for Real Estate. Canadian Real Estate investors can take advantage of these programs for their Canadian Real Estate investments catering seniors who are tenants in their properties.
World Wealth Builders conveys action-orientated Real Estate education, coaching and mentoring for Canadian Real Estate investments since 1993 World Wealth Builders have been providing Canadian Real Estate wealth creating secrets, innovative strategies and step-by-step practical how-to methods through dynamic hands-on apprenticeships for Canadian investors.
Navtaj Chandhoke is a Canadian-based real estate investor, speaker, author, educator and the founder of World Wealth Builders and Professional Real Estate Investors Group (PREIG) Canada, the leading REI Club providing Canadian investors education, mentoring, support and network.