You can also usually claim the renovation as a Medical Expense Tax Credit . Click here for a list of eligible medical expenses.
You must be a qualifying individual: over 65 or eligible for the disability tax credit or an eligible individual making the claim for dependent person.
The qualifying individual must be living in a dwelling owned and occupied by the qualifying individual. Most people living in the home, apartment or condo that they own would qualify for renovations to that home if they are a qualifying individual.
For more information: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-398-home-accessibility-expenses.html
If you are not sure if you qualify, please contact the Canada Revenue Agency.
If you live in BC, you may also qualify for the BC Home Renovation Tax Credit for Seniors and Persons with Disabilities. This is a refundable credit of up to 10% of your home renovation cost. You need to be 65+ or be claiming on behalf of a live-in dependent aged 65+. This is in ADDITION to the Federal Home renovation tax credit and the medical expense tax credit.
These tax credits can represent up to 28% refund back of the cost of the renovation (up to $10,000).
To claim these credits, you will need a copy of your 2019 invoices for renovations and materials. If you need another copy of the receipt for work done by Aquassure Accessible Baths, please contact us and we will mail or email a copy to you.
If you are thinking about a renovation, there may still be time to get the reno done before the end of the tax year to qualify for these tax credits for your 2019 taxes.