Are you a senior who needs some home modifications that will help you stay in your own home or to live with a loved one?
The New Brunswick Seniors’ Home Renovation Tax Credit allows you to claim on your tax return up to $10,000 in improvements that will make your home safer and more accessible. All improvements must be completed at your primary residence – the place where you live most of the time.
The renovation must help a senior by:
- improving access to the home or land,
- improving mobility and functions within the home or land, or
- reducing the risk of harm within the home or land.
The maximum amount of the credit is $1,000 per tax year and is calculated as 10% of the eligible renovation expense (maximum $10,000 in costs.) For example, if you claim $10,000 in eligible renovation expenses, you could get $1,000 back. It is a refundable tax credit, which means that if the credit you qualify for is higher than the income taxes you owe, you’ll receive the difference as a refund.
You can claim the credit when you file your personal income tax return with the Canada Revenue Agency. The tax credit is available for the 2015 and following tax years.
The Department of Finance and Treasury Board lays out the general rules of the New Brunswick Seniors’ Home Renovation Tax Credit and the Canada Revenue Agency administers the program.
For specific questions about what renovations are covered under the program, you can contact the Canada Revenue Agency at 1-800-959-8281
You may be eligible if, on Dec. 31 of the tax year, you’re:
- A resident of New Brunswick, and
- A senior aged 65 or older, or a family member living with a senior.
Click here to see a list of improvements that are and aren’t covered.
In order to claim the New Brunswick Seniors’ Home Renovation Tax Credit, you must complete the Schedule NB(S12) form to submit with your personal income taxes. The form requires that you include a general description of the renovation, the date on the receipt or contract, the name of the supplier or contractor and their GST/HST number, and the amount paid, including all taxes.
You can claim renovation expenses related to work that you paid for, or were billed for (whichever is earlier) during the tax year you are filing. For example, if you are filing for the tax year 2019, the renovations must be done between Jan. 1, 2019 and Dec. 31, 2019. You aren’t required to submit receipts with your income tax return but keep them in case you need to provide them later.
Submit the completed form with your personal income tax return.
You need to submit a Schedule NB(S12) form with your personal income tax return when you file with the Canada Revenue Agency.