BUDGET 2012 - TAX SAVINGS FOR B.C. FAMILIES

B.C. Seniors’ Home Renovation Tax Credit

The B.C. Seniors’ Home Renovation Tax Credit will be a new refundable personal income tax credit to assist with the cost of permanent home renovations that provide individuals age 65 and over with increased independence, allowing them the flexibility to remain in their own homes longer.

The maximum credit will be $1,000 annually, calculated as 10 per cent of eligible expenditures. The credit will be available to individuals who incur eligible expenditures on or after April 1, 2012. The credit can be claimed by seniors, whether they own their home or rent, and by individuals who share a home with a senior relative.

For the Finance Minister’s speech and more details on Budget 2012, visit www.bcbudget.ca.

Visit the Province’s website at www.gov.bc.ca for online information and services.