FREDERICTON (GNB) – The provincial government will introduce legislation to provide tax incentives for seniors to renovate their homes, as one of a number of new initiatives to support healthy aging and home care.
“Caring for our seniors is a top priority for our government,” said Social Development Minister Cathy Rogers. “We will soon be introducing legislation to create a Seniors’ Home Renovation Tax Credit which will help New Brunswick seniors maintain their independence and remain in their homes and communities for as long as possible.”
Effective in the 2015 taxation year, this initiative will provide a refundable personal income tax credit of up to $1,000 per year to assist seniors with eligible home renovation expenses worth up to $10,000. It will be available to both seniors who are homeowners and to seniors who are renting their residences as well as to family members who are living with a senior.
“Not only will our new tax credit help seniors remain in their own homes longer, it will also create jobs in the construction industry and generate an estimated $15 million in spending to support the economy and move our province forward.” said Finance Minister Roger Melanson.
Additional funding will be invested in key initiatives of the Home First Strategy. Home First is a three-year strategy that outlines a series of innovative approaches, strategies and initiatives to support seniors to live in their own homes and continue to be part of their communities.
13-05-15