New Brunswick seniors' home renovation tax credit - NB (S12)You may be eligible for this credit if at the end of the year, you met all the following conditions
* You were a resident of New Brunswick on December 31, 2019;
* You were a senior (65 years of age or older) or a non-senior living with or expecting to live with a family member who is a senior; and;
* You, or someone on your behalf, paid or incurred eligible expenses in 2019 for improvements to your principal residence or the land on which your principal residence is located.You can claim the lesser of the following amounts: $10,000 or the amount of eligible expenses for your primary residence.
The refundable credit is equal to 10% of the expenses claimed.
For more information on the conditions of this program, please visit the following site:
It should be noted that the Federal government has introduced a non-refundable credit which bears the name "Home accessibility tax credit (HATC) ".
For more information on this federal credit, we suggest you visit the following link:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/segments/homeowners.html
To claim this tax credit, please follow these steps:
1. In the "Left-side menu on the Interview tab", select "Medical, disability, caregiver".
2. On the right-hand side of the screen, click on the plus sign "+" icon to the right of the line "Home accessibility expenses (line 31285)".
3. On the page that appears, enter the relevant information. If you have several changes, click the "+ Add another" to add other sections "Home renovation expenses";4. For the line "Is this expense an allowable Federal medical expense? (Yes/No)", if you answer "Yes", the amount will be carried forward by the program to the medical expenses section. No need to enter it in the "Medical, disability, caregiver".
Warning: make sure to enter the date of the renovation work as per the following format "DD-MM-YYYY", because the system will validate the information based on the starting date of the program.
The program will generate Schedule NB (S12) and will report the amount in box 60360 of this form, which will provide a refundable credit of 10%. This credit will be carried over by the program to line 47900 of the federal return.
As for the federal non-refundable credit will be carried forward by the program at line 31285 of Step 5, in addition, Schedule 12 will be generated by the program.
We recommend that you keep all your documents in your files in order to provide them to the government upon request.
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Webpage: KPA380-20200212112944DE.htm