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.
Are stair lifts tax deductible in canada.
Like other improvements made to accommodate your house to a medical condition buying a stairlift might be classified as a medical expense.
Yes if the item is a required medical necessity.
Are stairlifts tax deductible.
Renovations that make homes safer or more accessible for seniors or the disabled may qualify for a new tax credit in 2016.
Under some circumstances the cost of adding stairlifts to your home can be deducted from your taxes.
The short answer is it may be if it s considered a home improvement made for medical reasons.
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.
Also a percentage of the cost of the stair lift may be tax deductible based on your annual income.
In order for your stairlift to be considered tax deductible it needs to be medically necessary and therefore be prescribed by a doctor.
Every effort has been made to offer the most correct information possible.
Qualified individuals may claim this.
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.
For over 150 years we ve been providing thousands of customers around the world with quality products from a company they can trust.
However the amount you can deduct depends on if the medical equipment increases the value of your home.
So save your receipt for that stair lift service call you might be able to deduct it.
Since 1867 stannah has been a respected family business and a leading force in the lifting industry.
Yes is the short answer.
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.
A maximum of 10 000 per year in eligible expenses can be claimed for a qualifying individual.
The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.
Stannah stairlifts canada wherever you are in canada a stannah stairlift is the perfect choice to help you regain your independence at home.
