Small Biz Pros
Padgett Business Services® is considered to be the small business expert and has been for over
40 years. We offer a unique combination of business and information services
to help our clients succeed. Our clients turn to us to keep their accounting
in order, stay current with tax planning, take care of the hassles surrounding
payroll and advise them on other business and personal matters. By keeping
our clients' financial records current, we are able to advise them
about their businesses when it counts.
Of course, we offer an array of other small business services. From startup,
to expansion, to wherever your business is going, our comprehensive services
will help you get there.
What drives us? Playing a role in your success and supporting your entrepreneurial spirit!
Ready to take your small business to new heights?
Credit Literacy Course
The Canada Revenue Agency (CRA) is targeting consultants in the oil patch.
How do I deduct business use of my vehicle?
CONTACT US – The Small Biz Pros
Since 1965 we have been providing entrepreneurs with small business financial
expertise that enables them to thrive. Decades later, we’re proud
to say small business owners still rely on Padgett Business Services®.
Today, we have thousands of small business owners across all industries,
and hundreds of local owner-operated offices.
Small Biz Pros
Google+
Home accessibility tax credit (HATC)
This tax credit is for renovations or alterations to make your dwelling
more accessible and to allow you to be more mobile or more functional.
Are you eligible to claim the disability tax credit or are aged 65 or older?
Then this tax credit is available to you.
Do you remember the home renovation tax credit in 2009? Well this tax credit
is similar but with restrictions.
To qualify the renovation must allow the qualifying individual to gain
access to, or to be mobile or functional within the dwelling, or reduce
the risk of harm to the qualifying individual within the dwelling or in
gaining access to the dwelling.
Items such as ramps, and grab bars installed permanently to allow easier
access are eligible. A walk-in bathtub to prevent falls or a stair lift
are some examples. It must be of an enduring nature and become a part
of the dwelling. Appliances and financing costs do not qualify.
If you do the work yourself you cannot claim the labour but you can claim
the materials.
If the work is completed by a family member the labour cost can only be
claimed if they are GST registered.
Documentation is essential so get the invoice and proof that is was paid.
The invoice must identify the vendor or contractor with GST number if
applicable, a description of what was done and where and when.
The claim is made on you 2016 or later tax return. The maximum tax credit
is $1500 which is 15% times an expenditure of $10,000.
If the expense qualifies a medical expense claim can be made as well as
the HATC. That means you get two credits for the same expense. It gets
even better if you get a grant or forgivable loan from the federal or
provincial government. You can also get a small rebate or 10% cash back
from the vendor and that does not affect your tax credit.
Ask your tax professional for more detailed questions.
Tax laws change so check if it still applies in a later year.
