Are Stair Lifts Tax Deductible In Canada

Completing your tax return.

Are stair lifts tax deductible in canada.

Renovations that make homes safer or more accessible for seniors or the disabled may qualify for a new tax credit in 2016. Qualified individuals may claim this. Yes is the short answer. Yes if the item is a required medical necessity.

You can only itemize these deductions if the main purpose of installation is medical care for you a spouse or dependent modifications made for aesthetic architectural or other personal reasons do not qualify. Every effort has been made to offer the most correct information possible. Are stairlifts tax deductible. The short answer is it may be if it s considered a home improvement made for medical reasons.

The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post. Also a percentage of the cost of the stair lift may be tax deductible based on your annual income. A maximum of 10 000 per year in eligible expenses can be claimed for a qualifying individual. However the amount you can deduct depends on if the medical equipment increases the value of your home.

If you are a senior or hold a valid disability tax certificate or are supporting a qualifying individual up to 10 000 in expenses can be claimed. Since 1867 stannah has been a respected family business and a leading force in the lifting industry. For over 150 years we ve been providing thousands of customers around the world with quality products from a company they can trust. Lets say the lift costs 12 000 but it increases the value of your home by 2 0000 then you are able to deduct 10 000 on your tax return.

Stannah stairlifts canada wherever you are in canada a stannah stairlift is the perfect choice to help you regain your independence at home. In order for your stairlift to be considered tax deductible it needs to be medically necessary and therefore be prescribed by a doctor. To claim home accessibility expenses complete line 31285 for home accessibility expenses on the worksheet for the return and report the amount from line 4 on line 31285 of your tax return. You need to consult with your accountant on how the tax advantage may effect you however if you have a medical necessity and have a prescription from a licensed physician the sales tax on the stair lift would be waived.

This info sheet explains how the goods and services tax gst harmonized sales tax hst applies to the sale and lease of lift chairs specially designed parts accessories and attachments to lift chairs and services relating to installing maintaining restoring repairing or modifying lift chairs.