F.A.Q. : Healthy Homes Renovation Tax Credit – How Do You Qualify?

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business, economy, Real Estate

Healthy Homes Renovation Tax Credit

As a senior 65 years or older in Ontario, you could qualify for a tax credit to help with the cost of making your home safer and more accessible. For more information about the Healthy Homes Renovation Tax Credit, call:

• 1-866-ONT-TAXS (668-8297)
• 1-800-263-7776 for teletypewriter

About the credit

The Healthy Homes Renovation Tax Credit is a permanent, refundable personal income tax credit for seniors and family members who live with them. If you qualify, you can claim up to $10,000 worth of eligible home improvements on your tax return. The amount of money you get back for these expenses is calculated as 15 per cent of the eligible expenses you claim. For example, if you spend and then claim $10,000 worth of eligible expenses, you could get $1,500 back.

The Healthy Homes Renovation Tax Credit can help with the costs of improving safety and accessibility in your home. Explore the interactive house below for examples of changes you could make.

Do I qualify?

To qualify for the credit, you need to be:

• 65 years old or older by the end of the year for which you are claiming the credit; or
• living with a family member who is a senior

Your income doesn’t matter — seniors and their family members at all income levels are eligible.

Family members

If you are living with a senior relative in your home, you could qualify for a total tax credit of up to $1,500 every year, regardless of income.

Calculating my credit

Use this online calculator to see how much money you could get back

How do I get the credit?

You have to claim your total expenses on your personal income tax return. To do this, you will have to complete Schedule ON(S12) of your tax return and put the amount you spent on eligible renovations next to box 6311 on form ON479.

For the 2012 tax year: you can claim expenses related to work billed for between October 1, 2011 and December 31, 2012.

For tax years 2013 and after: each year, you can claim expenses related to work billed for in that year.

Learn more about how to file your income tax return

Maximum claim

You can claim up to $10,000 worth of eligible expenses per year.

Receipts

Save your receipts for any modifications you make. You will not have to submit them with your tax return. But you will have to keep them in case the Canada Revenue Agency asks you to verify your expenses.

Eligible renovation expenses

Not all renovation work qualifies for this tax credit. Before you start any improvements, check to see that the work qualifies so you can claim the expense.

Examples of work that qualifies:

• Non-slip flooring in the bathroom
• Installing a hand-held shower
• Door locks that are easy to operate

See what other expenses would be eligible

Examples of work that does not qualify:

Renovations or repairs that simply improve the value of a home or are recurring repairs don’t qualify, such as:

• Plumbing or electrical work
• Repairs to a roof
• Installing new windows

See what other expenses would not be eligible

Healthy Homes Renovation Tax Credit Brochure (PDF)

• About the credit
• Do I qualify?
• Family members
• Calculating my credit
• How do I get the credit?
• Maximum claim
• Receipts
• Eligible renovation expenses

Recommended for you

Avoid home renovation headaches

Ontario Senior Homeowners’ Property Tax Grant

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Ontario Trillium Benefit

Ontario Energy and Property Tax Credit

Ontario Sales Tax Credit

Northern Ontario Energy Credit

Ontario Seniors’ Secretariat

FAQs

What expenses qualify for the Healthy Homes Renovation Tax Credit?

What expenses do not qualify for the Healthy Homes Renovation Tax Credit?

What if I do the work myself, does it qualify?

Why are only seniors eligible for this tax credit?

How do I claim the credit for an elderly relative living with me?

What if I sell my house and buy a new one, and renovate both in the same year. Do both of these sets of expenses qualify?

Article is made available here from: http://www.ontario.ca/taxes-and-benefits/healthy-homes-renovation-tax-credit , in the best interest of public.

A Study : Mortgage (Loan Insurance) for Multi-Unit Residential Properties (5+ units)

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business, condominium construction, economy, Mortgage Loan Insurance, Real Estate, rental buildings

Mortgage Loan Insurance for Multi-Unit Residential Properties (5+ units)

You can also visit for your need for mortgage
http://www.centum.ca/vijay_gandhi

CMHC is Canada’s provider of mortgage loan insurance for the construction, purchase and refinancing of multi-unit residential properties, including rental buildings, licensed care facilities and retirement homes.

What CMHC product is best for your client?

Take a fresh look at what’s possible — CMHC’s brochure for multi-unit clients (developers, borrowers, etc.) highlights the advantages of CMHC Mortgage Loan Insurance for multi-unit residential properties. Check out the following examples to compare the savings potential of a CMHC-insured mortgage loan vis à vis a conventional mortgage.

• Purchase Rental Buildings
• Refinance Rental Buildings
• Financing New Construction Projects
• Condominium Construction Projects

CMHC Multi-Unit Products

CMHC Multi-Unit Purchase
CMHC Mortgage Loan Insurance enables Approved Lenders to help borrowers purchase multi-unit properties with a minimum of 15% down.

• Fact Sheet
• Presentation

CMHC Multi-Unit Rental Construction
CMHC insured financing on new construction eliminates the need to reapply for long term takeout financing at the completion of construction, and helps developers and builders realize interest cost savings right from the first advance of mortgage funds.

Fact Sheet                Presentation

CMHC Multi-Unit Refinance
CMHC multi-unit refinance provides flexibility to borrowers wishing to refinance properties within their existing portfolios.

Fact Sheet                Presentation

CMHC Multi-Unit Energy-Efficient Properties
When constructing multi-unit housing, or improving the energy-efficiency of existing projects, CMHC mortgage loan insurance can offer big savings, including up to 15 per cent premium refunds.

Fact Sheet                 Presentation

CMHC Multi-Unit Retirement and Long-Term Care Facilities
CMHC Mortgage Loan Insurance enables Approved Lenders to offer flexible loans for the construction, purchase and refinance of seniors housing and care facilities.

Fact Sheet                Presentation

CMHC Multi-Unit Affordable Housing
To support the creation of affordable multi-unit housing, CMHC offers financing flexibilities, including loan-to-value ratios of up to 95% and reduced premiums. The higher the level of affordability, the greater the flexibilities offered.

Fact Sheet             Presentation

CMHC Multi-Unit Student Housing
CMHC Mortgage Loan Insurance enables Approved Lenders to offer flexible loans for the construction, purchase and refinance of purpose-built student housing projects.

Fact Sheet             Presentation

CMHC Multi-Unit Condominium Construction
CMHC Mortgage Loan Insurance enables Approved Lenders to help developers benefit from financing choices and access to competitive interest rates.

Fact Sheet             Presentation

CMHC Multi-Unit Condominium Energy-Efficient Improvements
CMHC Loan Insurance enables Approved Lenders to offer condominium corporations financing choices and access to competitive interest rates when looking to finance energy improvements to common elements.

Fact Sheet             Presentation

Additional Documentation

CMHC Multi-Unit Documentation Checklist
Turnaround times are significantly reduced for applications submitted with minimum documentation.

CMHC Multi-Unit Reference Guide provides an overview of CMHC’s common Multi-Unit Mortgage Loan Insurance products.

• Total Debt Service (TDS) Formula

Which Rental Properties Qualify for the GST/HST New Residential Rental Property Rebate?

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Which Rental Properties Qualify for the GST/HST New Residential Rental Property Rebate?

You generally pay the goods and services tax/harmonized sales tax (GST/HST) when you purchase a new or substantially renovated residential rental property from a builder. If you are the builder of a residential rental property, or if you make an addition to a multiple-unit residential rental property, you are generally considered to have made a self‑supply and to have paid and collected tax on the fair market value of the rental property or addition at the time that you lease or occupy the first unit of the property as a place of residence (see What is a self-supply?).

As a residential landlord, you cannot claim an input tax credit (ITC) to recover the GST/HST paid or payable on the purchase of a residential complex or that you accounted for on the self‑supply of the complex because long‑term residential leases are exempt from GST/HST. However, you may be eligible to claim the new residential rental property (NRRP) rebate for some of the GST or the federal part of the HST if you:

• paid the GST/HST on the purchase of a newly constructed or substantially renovated residential complex or an interest in the complex and you lease the complex or units in the complex to another person for residential use by an individual;
• are a builder and you paid or accounted for the GST/HST on the self-supply of a residential complex or an addition to a multiple unit residential complex that you lease to another person for residential use by an individual(s);
• are a builder and you paid or accounted for the GST/HST on the self-supply of a residential complex or an addition to a multiple unit residential complex and you made an exempt sale of the building and an exempt long-term lease of the land under a single written agreement;
• are a co‑operative housing corporation (co‑op) and you paid the GST/HST on the purchase of a newly constructed or substantially renovated residential complex or an interest in the complex from a builder and you lease units in the complex for long-term residential use;
• are a co-op and you paid or accounted for the GST/HST on the self-supply of a residential complex or an addition to a multiple unit residential complex and you lease units in the complex for long-term residential use; or
• paid or accounted for the GST/HST on the self-supply of land that you lease to another person for long‑term residential use by an individual(s).

If your residential rental property is situated in Ontario or British Columbia, in addition to the GST/HST NRRP rebate for some of the federal part of the HST, you may be entitled to claim a provincial NRRP rebate for some of the provincial part of the HST. All the definitions and most of the conditions and restrictions for claiming a GST/HST NRRP rebate apply for claiming the provincial rebates. The exceptions are noted in this guide. For more information, see Is your property situated in Ontario or British Columbia?

Restrictions

The NRRP rebate will not be paid in the following situations:

• you are an individual who is entitled to claim the GST/HST new housing rebate for a newly constructed or a substantially renovated residential complex, whether the rebate is paid to you or credited to you by the builder; or
• you are entitled to claim a rebate for land leased to a lessee who subleases the land for residential purposes.

If you are entitled to claim the public service bodies’ rebate, you are not entitled to claim the NRRP rebate for the GST or federal part of the HST.

Note
A public service body (PSB) in Ontario or British Columbia may meet the conditions for claiming both a provincial NRRP rebate and a provincial PSB rebate for an amount of HST that it paid. In this case, the PSB is entitled to claim either the provincial NRRP rebate or the provincial PSB rebate, whichever has the higher rebate rate.

Any amount of tax that you are entitled to recover by way of rebate, refund, or remission under any other law and any amount of tax that you are not required to pay or remit cannot be included in determining the amount of your NRRP rebate.

Generally, a selected listed financial institution may only apply for a rebate of the GST or the federal part of the HST. For more information, call 1-800-959-5525.

This information was made available to our client from:
http://www.cra-arc.gc.ca/E/pub/gp/rc4231/rc4231-e.html#P53_725

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