It's good to see the federal government providing financial relief to Canadians living with disabilities when it comes to buying a more accessible home.
If you need a dwelling better suited to your personal needs and care - and can indicate that this is why you're moving - you're entitled to the same help granted to first time home buyers by the Canadian government with the Home Buyers Tax Credit (HBTC), which includes:
- Up to $750 in tax relief upon purchase of the home
- Increase to the Home Buyers’ Plan withdrawal (from RRSPs) limit to $25,000 from $20,000 (and up to $40,000 for a couple)
- The withdrawal from the RRSP is also tax-deductible. You can use your tax refund to repay your RRSP, or do some renovations to your new home by grabbing some of that renovation tax credit
For the purposes of the HBTC, an individual eligible for the Disability Tax Credit (DTC) is someone for whom an amount can be claimed under the DTC for the year in which an agreement to acquire the home is entered into.
Or, this amount could be claimed if costs for an attendant care or care in a nursing home were not claimed for the Medical Expense Tax Credit.
Other good news for Canadians with disabilities: as part of its 2009 budget, the government has set aside $20 million in each of two years to improve the accessibility of federally-owned buildings for persons with disabilities, and $75 million over two years to build social housing for persons with disabilities.
Do you know anyone using the Canadian home buyers tax credit to move into a place better suited to living with their disability?