If you are over 65 or eligible to claim the disability tax credit and you make an accessibility, or risk-reducing renovation to your home, you maybe be eligible for the HATC.
The Home Accessibility Tax Credit (HATC) is a non-refundable tax credit first introduced for the 2016 tax year. This credit is designed to help with labour and material expenses incurred for an accessibility based renovation of a home. The credit is a maximum of $1,500 and is calculated as 15% of the qualifying expenses up to $10,000 per year. If the expense qualifies for the HATC and the Medical Expense Tax Credit (METC), both credits can be claimed.
Here are some examples of when the HATC may be successfully claimed or disqualified.
For more information concerning HATC eligibility, please visit this CRA website. If you have any questions about the Home Accessibility Tax Credit and if you qualify, please reach out to your Bateman MacKay account manager.
Sign up for our newsletter and receive tax, accounting, and COVID-19 resources for your business!