Many people with disability find that making their home disability-friendly is not an option – it is necessary. For this reason, they borrow money and dig deep into their pockets to pay for home renovations. However, paying for these projects is one thing; affording them is another.
Have you been thinking about doing renovation projects? If so, are you exploring financial assistance options? Assistance is also available to those who have already made home improvements. Federal and provincial tax credits, and financial assistance is available throughout Canada.
The Canada Mortgage and Housing Corporation highlights a number of housing assistance options that can be accessed by people with disabilities as well as individuals who are 65 years and older. In addition, provincial governments are making tax credits available for disability renovation efforts. In this post, we will report on these, as well as a substantial tax credit that is available to Canadians with disabilities.
Canada Mortgage and Housing Corporation
Canada has a national housing agency known as Canada Mortgage and Housing Corporation (CMHC). This is a great tool for researching housing trends, policies, and programs throughout Canada. In addition, CMHC provides mortgage loan insurance and mortgage-backed securities.
Recently, an effort was formed to invest in living conditions throughout Canada. Federal, provincial and territorial governments agree to invest $1.4 billion in this cause. The focus will be on “improving access to affordable housing that is sound, suitable, and sustainable.”
This framework should benefit people with disabilities immensely. As we continue to watch the plan pay off, CMHC has published links to affordable housing programs across Canada.
Residential Rehabilitation Assistance Program for Persons with Disabilities
One of the programs promoted by CMHC sets a good example for the disability community and Canada at large. Residential Rehabilitation Assistance Program for Persons with Disabilities, or RRAP-D promises financial assistance to homeowners and landlords. Money is available to those who renovate their properties to be disability-friendly. Modifications that are eligible for support include improvements that “eliminate physical barriers, imminent safety risks and improve the ability to meet the demands of daily living within the home.”
This offering is available in Yukon, but similar support is available throughout Canada. Consider looking into affordable housing programs through CMHC.
Healthy Homes Renovation Tax Credit
In Ontario, a tax credit is refunding money to people 65 years and older (or those who care for them) who have made up to $10,000 of improvements to their homes. The Healthy Homes Renovation Tax Credit refunds 15 percent of all approved renovations back to homeowners. Therefore, an Ontarian who makes accessible improvements to his or her home may be able to secure up to $1,500 through this tax credit. (http://www.ontario.ca/taxes-and-benefits/what-expenses-qualify-healthy-homes-renovation-tax-credit)
Disability Tax Credit
The most lucrative tax credit program is available to Canadians with disabilities. A federal tax credit can be claimed by those who struggle with severe and prolonged disabilities. Money received through this tax credit can be used for any purpose – even home renovation projects. Because this tax credit is retroactive, an individual and his or her family may be able to claim up to $40,000. In addition, an annual replenishment of supplemental income may be available to those who qualify.
The Disability Tax Credit is the only way for Canadians with disabilities to receive money owed to them by government. With substantial amounts owed to individuals, the process of claiming these funds can be challenging. There is a lot of paperwork, correspondence with medical practitioners, and government standards that need to be considered. This is why thousands of Canadians turn to The National Benefit Authority to help them claim money they are entitled to.
If you require financial support for home renovation projects, or other matters pertaining to disability, or just to afford high costs of living, The National Benefit Authority is available to you.
Benefit Specialists are available to talk to you one-on-one. They want to hear about your unique circumstances, and how these factors may qualify you for the Disability Tax Credit. You can reach Benefit Specialists by calling 1888-389-0080 or filling out this online form: http://www.thenba.ca/free-consultation.html. All initial consultations are free.
Affording accessible housing options seems like a wild dream to many people. Unfortunately, these renovation projects are necessary. If you need financial assistance to make your home disability-friendly, reach out to organizations that can offer help in this matter.