Aging in place means growing older at home. As many seniors age, they do not want to move their homes or change their lifestyles significantly.
Funding for Stair Lifts in Ontario
A common question that many have, but aren’t aware of the answer to is: are stair lifts tax deductible in Canada?
In this article, we focus on what options are available for those who want to save money or require financial assistance for stair lifts in Canada.
Stair lifts are attached to the railing of staircases. They are seats that transport a user up and down the staircase. They are especially beneficial to those with physical disabilities (including long term physical disabilities) or accessibility issues due to an injury, health issue, or age-related conditions.
Cost of Stair Lifts
The cost of a stair lift can be quite hefty. They start at just above $3000, but can go to anywhere above $15,000 depending on the type of stair lift, the type of stairs they are being attached to, and the unique additions on them.
Ontario’s Seniors’ Home Safety Tax Credit
Fortunately, for those in Ontario, there is funding program called the Seniors’ Home Safety Tax Credit, and it offers financial assistance to offset the hefty cost of stair lifts and other home modifications that may be needed for seniors to increase safety in their home. This is worth 25% of up to $10,000 in eligible expenses for a senior’s principal residence in Ontario. These credits are available for the 2021 and 2022 tax years.
If $10,000 is invested to add a stair lift in the home of a senior, or a senior couple, then they are eligible for the maximum credit of $2500.
You can claim the credit if you are 65 years of age or older by the end of the year, if you live with a Senior relative, or if you will live with a Senior relative within 24 months after the end of the year.
Although there are a few additional grant options for a stair lift in Canada, this tax credit in Ontario can help cut down the expenses by a lot for those looking to invest in a stair lift for their home. Fortunately, it is available for both 2021 and 2022 to Ontario residents.
Before purchasing, we recommend you look into the grant options and financial assistance, which aren’t limited to only Ontario citizens. Most grants have to be approved first to be used. The grant options that you can look into are as follows:
- National Benefit Authority
- Veterans Independence Program
- Quality of Life Equipment Grants by The MS Society (Multiple Sclerosis)
Home lifts, also known as home elevators are also eligible for the credit, as well as walk-in bathtubs and wheel-in showers among other options. Keep the maximum cost of the rebate in mind though. In total, one can receive only $2500… whether that’s just by buying a stair lift, or by purchasing a combination of items. If more than $10,000 is spent on items, then anything above the $10,000 will not be eligible for the 25% rebate.
As of now, there is no information on whether the government will give the rebate next year as well, or if it will be extended to other provinces and territories.
For those of you who are in Ontario and are looking to purchase items to improve your home as a Senior, then don’t forget to take advantage of these rebates. This will ensure that you save the most amount of money, while increasing the functionality of your home for your particular needs.
Examples Of Eligible Stairlift Brands
Other programs that Ontario seniors who need financial assistance can benefit from:
Ontario Disability Support Program
Assistive Devices Program (ADP)
Organizations that support seniors:
Ontario March of Dimes – Home and Vehicle Modification Program (HVMP)
Veterans Affairs Canada
For more information, here is a link to the Ontario Government’s website which contains a list of all the eligibility requirements and eligible expenses: https://www.ontario.ca/page/seniors-home-safety-tax-credit