Can seniors declare residence renos on a tax return? In that case, which of them?

In your case, Gayle, you’re in all probability 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 residence accessibility tax credit score?

You don’t must be in Saskatchewan for this tax credit score. The federal residence accessibility tax credit score for qualifying renovations applies in the event you (or sure relations who reside with you) are 65 or older on the finish of the yr, or in the event you qualify for the incapacity tax credit score (DTC). To qualify for the DTC, it’s essential 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 have to be of an everlasting nature and both enable:

• the person to achieve entry to the dwelling or to be cellular or useful throughout the dwelling;
• or cut back the chance of hurt throughout 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 range by province, vary from 14% to 26%.

What’s the medical expense tax credit score?

Some bills might also qualify for a medical expense tax credit score, together with renovation or development 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 improvement or who doesn’t have a extreme and extended mobility impairment.

There are different residence prices which 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 bathroom; 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 residence renovation tax credit score?

Your province, Gayle, reintroduced a residence 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 will be claimed in 2025. So, your carpet prices might qualify.