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:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/provincial-territorial-tax-credits-individuals/new-brunswick.html
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/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-398-home-accessibility-expenses.html
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.
ID: 20200212112944deXXXX.xml
Webpage: KPA380-20200212112944DE.htm
