Can seniors declare dwelling renos on a tax return? If that’s the case, which of them?

In your case, Gayle, you’re most likely questioning in regards to the federal tax credit score for seniors, in addition to a provincial tax credit score particular to Saskatchewan.

What’s the federal dwelling accessibility tax credit score?

You don’t must be in Saskatchewan for this tax credit score. The federal dwelling accessibility tax credit score for qualifying renovations applies in case you (or sure relations who stay with you) are 65 or older on the finish of the yr, or in case you qualify for the incapacity tax credit score (DTC). To qualify for the DTC, you have to have a extreme and extended bodily or psychological impairment and apply to the Canada Income Company (CRA).

This may increasingly or will not be the case for you, Gayle. For others who’re studying alongside, know that an eligible renovation should be of an everlasting nature and both permit:

• the person to realize entry to the dwelling or to be cellular or purposeful inside the dwelling;
• or scale back the danger of hurt inside the dwelling or in getting access to it.

There’s no particular listing of qualifying bills, however non-slip carpet could also be justifiable.

The utmost declare is $20,000 of bills, and the tax financial savings, which differ by province, vary from 14% to 26%.

What’s the medical expense tax credit score?

Some bills may additionally qualify for a medical expense tax credit score, together with renovation or building bills that may not usually be anticipated to extend the worth of the house. The bills would additionally not usually be incurred by somebody with regular bodily growth or who doesn’t have a extreme and extended mobility impairment.

There are different dwelling prices that will qualify for a medical expense tax credit score. Examples embody an air conditioner for somebody with a extreme continual ailment, illness or dysfunction; rest room aids to get in or out of a tub or bathe or to get on or off a rest room; or a power-operated guided chair for use in a stairway, together with set up. There could also be others, however non-slip carpet wouldn’t typically qualify in your case, Gayle.

What’s the Saskatchewan dwelling renovation tax credit score?

Your province, Gayle, reintroduced a dwelling renovation tax credit score that was beforehand out there in 2021 and 2022. It applies for the 2025 and 2026 tax years, however bills between October 1, 2024 and December 31, 2025 could be claimed in 2025. So, your carpet prices could qualify.