Big news for folks in Ontario who need to make their homes more accessible! Starting in 2022, the government has beefed up the Home Accessibility Tax Credit (HATC). This is super helpful for anyone needing to tweak their home to make it safer or easier to get around in. Let’s break down what the HATC is, what you need to know about the rules, what’s changing, and where you can find more info.
Simply put, the HATC is a tax break to help cover the costs of modifying your home. This could be anything from ramps for better access to changes inside the home that help you move around more easily. If these kinds of updates are on your to-do list, and you qualify, you can get some money back at tax time to help with the costs.
Here’s the scoop: until now, the tax credit worked by taking 15% off the costs of your renovations, but only up to $10,000 worth of work. That means the most you could get back was $1,500 each year. Remember, it’s only for the costs related to actual changes that make your home more accessible.
The latest update is pretty exciting—starting in 2022, the government is doubling the max amount of renovation costs you can claim, from $10,000 to $20,000. So now, you could get back up to $3,000. Everything else about the credit stays the same; it’s just more money back in your pocket.
Need the nitty-gritty details? Check out the Home Accessibility Expenses section (Line 31285) on the Canada Revenue Agency (CRA) website. And for the very latest updates, keep an eye on Canada.ca. They have all the updated forms, rules, and guidelines you’ll need.
Doubling the tax credit limit is a big win if you’re looking to make your home more accessible. It’s a move that acknowledges the real costs of these changes and helps more people afford them. If you’re thinking about making renovations, staying in the loop on these updates can really pay off. It’s all about making your space safer and more comfortable without stretching your budget too thin.
Please note that the information provided here is for general guidance and may not reflect the most current changes or details. We are not responsible for how you choose to use this information. For the most accurate and personalized advice, we strongly recommend consulting directly with the federal government or a tax professional. Official and up-to-date information can always be found at the Canada Revenue Agency (CRA) website and on Canada.ca.
