We list the major changes below, including income tax changes that have been announced but were not law at the time of printing. If they become law as proposed, they will be effective for 2012 or as of the dates given. For more information about these and other changes, see the areas outlined in this guide.
Employees profit‑sharing plan (EPSP) (lines 229 and 418) – You may have to pay a new tax if you are a specified employee and contributions your employer made to an EPSP and allocated to you for the year exceed a threshold. If you are subject to this new tax, you may be eligible for a deduction on line 229. For more information, see Employees profit-sharing plan (EPSP) and Tax on excess employees profit‑sharing plan (EPSP) amounts.
Canada Pension Plan (CPP) working beneficiaries contributions – (line 308) – As of January 1, 2012, the rules for contributing to the CPP changed. The changes apply to you if you are an employee or self-employed, you are 60 to 70 years of age, and you are receiving a CPP or Quebec Pension Plan retirement pension. For more information, go to our Changes to the Canada Pension Plan (CPP). To find out how the changes may affect your CPP benefits, go to Service Canada, Changes to the Canada Pension Plan (CPP).
Medical expenses (lines 330 and 331) – Prescribed blood coagulation monitors for individuals who require anti-coagulation therapy are now eligible as medical expenses. For more information, see Guide RC4064, Medical and Disability‑Related Information.
Investment tax credit (line 412) – Eligibility for the mineral exploration tax credit has been extended to flow-through share agreements entered into before April 1, 2013. For more information, see Investment tax credit.
Family caregiver amount – If you have a dependant with an impairment in physical or mental functions, you could be eligible for an additional amount of $2,000 in the calculation of certain non-refundable tax credits. For more information, see Family caregiver amount (FCA).
Healthy Homes Renovation Tax Credit
As a senior 65 years or older in Ontario, you could qualify for a tax credit to help with the cost of making your home safer and more accessible.
The Healthy Homes Renovation Tax Credit is a permanent, refundable personal income tax credit for seniors and family members who live with them. If you qualify, you can claim up to $10,000 worth of eligible home improvements on your tax return. The amount of money you get back for these expenses is calculated as 15 per cent of the eligible expenses you claim. For example, if you spend and then claim $10,000 worth of eligible expenses, you could get $1,500 back.
The Healthy Homes Renovation Tax Credit can help with the costs of improving safety and accessibility in your home. Explore the interactive house below for examples of changes you could make.
Do I qualify?
To qualify for the credit, you need to be:
- 65 years old or older by the end of the year for which you are claiming the credit; or
- living with a family member who is a senior
Your income doesn’t matter — seniors and their family members at all income levels are eligible.
If you are living with a senior relative in your home, you could qualify for a total tax credit of up to $1,500 every year, regardless of income.
For more information, see Healthy Homes Renovation Tax Credit