There wasn’t anything very exciting about this year’s federal budget but there were some savings and incentives impacting both estate planning and assistance to the elderly to stay in homes longer.
- For those over 65, the new Home Accessibility Tax Credit (HATC) provides a 15% tax credit on home improvements of up to $10,000 to retrofit your home. The credit is also available to caregivers and for those qualified for the disability tax credit. It can even be claimed in addition to medical expense credits for the same renovations.
- Selling a qualified Canadian Farm or Fishery? The capital gains exemption has increased to One Million Dollars for sales after April 20, 2015.
- Good news for charities and philanthropists. For those who donate property