Ontario Seniors get $10K Tax Credit for Renovations

Oct. 7, 2012 - PRLog -- Ten thousand dollars in Tax credit will be available for Ontario seniors to renovate and improve accessibility. The Ontario government bill passed in the minority legislature by a vote of 68 to 36.
 
This was promised to seniors in Ontario by Premier McGuinty during the election campaign. "The tax credit is worth up to $10,000 in eligible home renovation expenses and $1,500 each year, or 15 per cent" Navtaj Chandhoke, founder of World Wealth Builders, a Canadian Real Estate investment training center in Toronto.

The 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, Home security and housekeeping, regular house repairs and wheelchairs/walkers services are not covered under the Healthy Homes Renovation Tax Credit.  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 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,Health Minister Deb Matthews says in a press release.

Canada Revenue Agency (CRA) can  demands proof of expenses and claimants don't need to submit receipts, although they should be kept in case. There is no income cut off.  

If you would like to either consult the Ministry of Finance  on this tax credit to get in depth details please visit  http://www.fin.gov.on.ca/en/credit/hhrtc/index.html
 
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.

World Wealth Builders conveys action-orientated Real Estate training, apprenticeship, 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.
www.preigcanada.com | www.WorldWealthBuilders.com/live.html