Lets say the lift costs 12 000 but it increases the value of your home by 2 0000 then you are able to deduct 10 000 on your tax return.
Are stair lifts tax deductible in canada.
You need to consult with your accountant on how the tax advantage may effect you however if you have a medical necessity and have a prescription from a licensed physician the sales tax on the stair lift would be waived.
The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.
A maximum of 10 000 per year in eligible expenses can be claimed for a qualifying individual.
Are stairlifts tax deductible.
You can only itemize these deductions if the main purpose of installation is medical care for you a spouse or dependent modifications made for aesthetic architectural or other personal reasons do not qualify.
In order for your stairlift to be considered tax deductible it needs to be medically necessary and therefore be prescribed by a doctor.
For over 150 years we ve been providing thousands of customers around the world with quality products from a company they can trust.
Completing your tax return.
Renovations that make homes safer or more accessible for seniors or the disabled may qualify for a new tax credit in 2016.
Every effort has been made to offer the most correct information possible.
To claim home accessibility expenses complete line 31285 for home accessibility expenses on the worksheet for the return and report the amount from line 4 on line 31285 of your tax return.
Yes if the item is a required medical necessity.
Since 1867 stannah has been a respected family business and a leading force in the lifting industry.
Also a percentage of the cost of the stair lift may be tax deductible based on your annual income.
So save your receipt for that stair lift service call you might be able to deduct it.
Qualified individuals may claim this.
If you are a senior or hold a valid disability tax certificate or are supporting a qualifying individual up to 10 000 in expenses can be claimed.
Under some circumstances the cost of adding stairlifts to your home can be deducted from your taxes.
Yes is the short answer.
The short answer is it may be if it s considered a home improvement made for medical reasons.
Like other improvements made to accommodate your house to a medical condition buying a stairlift might be classified as a medical expense.
