<<< back to article list

Money Matters: tax credit for seniors

Blog by Doriana Zohil-Morton, Broker of Record/Owner | January 15th, 2020

thumb Benefits of being 65+

A homeowner who is 65 or over may be able to take advantage of some tax credits. The Ontario Senior Homeowners’ Property Tax Grant offers up to $500 for Ontario senior homeowners. For singles, with net adjusted family income over $35,000, the grant given will be reduced by 3.33 per cent for income up to $50,000. Seniors above that income level do not qualify for the grant. Married or common law couples may qualify for the full amount if their adjusted family net income is $45,000 or less. The grant is reduced by 3.33 per cent of income over $45,000. However, if your income as a couple is $60,000 or more you do not qualify. For further information, call 1-877-627-6645.

Some municipalities, including Toronto, have property tax relief programs for low-income seniors. Contact your municipality for more information.

The federal government offers the Home Accessibility Tax Credit (HATC), which allows eligible seniors and people with disabilities to receive a non-refundable tax credit, with a maximum credit of $1,500, for up to $10,000 of expenditures for qualifying renovations made to a principal residence (either house, condo or cottage).

Qualifying renovations include items such as wheelchair ramps, walk-in bathtubs and grab bars. Canada Revenue Agency states renovations must “allow the qualifying individual to gain access to, or to be mobile or functional within, the dwelling” or reduce the risk of harm to the individual. You can’t claim the credit for regular maintenance, appliances, electronics or security systems.

REU © Clear Communications