A home elevator is immediately transformative and creates a sense of freedom and independence which allows people living with disability to access all areas of their homes comfortably and safely.
In addition to self-funding, if you need accessible elements in your home, part- or even full funding can be available to you.
Here at Stiltz Canada, our team has broken down several solutions below, so you can understand what kind of help is available, including government grants and programs, community funding and provincial support.
Government Tax Credits
Homeowners can benefit from the several types of tax credits available, which can significantly offset the cost, and the burden, when it comes to spending on renovations.
Although these credits do not provide upfront funding, they instead reduce what you pay overall by allowing you to claim back a portion of your renovation costs at tax time.
It is almost like a big discount, which can definitely help in reducing financial worry.
Below, we’ve listed each type of Tax Credit, including what it is all about and who it is best suited for.
Disability Tax Credit (DTC)
What is it?
The DTC is a non-refundable tax credit, which can offset the costs related to your impairment.
Who is it best suited for?
Individuals with either a significant long-term disability or family members who are supporting someone with those needs.
Medical Expense Tax Credit (METC)
What is it?
The METC allows you to claim medically necessary renovations- such as ramps or stairlifts.
Who is it best suited for?
Those who have been prescribed by a healthcare provider to need adjustments related to the medical condition.
Home Accessibility Tax Credit (HATC)
What is it?
Up to $20,000 in expenses can be claimed, which makes the HATC ideal for permanently integrated home renovations, such as home elevators or widened hallways or doors.
Who is it best suited for?
Seniors over the age of 65, or those with a significant long-term disability.
Provincial & Municipal Grant Programs
If Government Tax Credits aren’t eligible or the best solution for your renovation plans, then provincial and municipal grant programs are a great choice to consider.
These programs vary by region, so be sure to double-check that the right help is available to you. Usually funded in partnership with the Canada Mortgage and Housing Corporation (CMHC), these grants typically cover expenses such as:
· Installing a home lift or home elevator
· Adding non-slip flooring
· Building grab bar installations, rails or ramps
· Widening entryways
The programs cover a wide range of general safety enhancements, so there are plenty of options. Funding can be limited, however, as it’s located on a first-come first-served basis, so if you’re interested then be sure to apply early in the program’s cycle.
Support from Non-Profit Organizations
Beyond government programs, there are several non-profit groups which offer financial assistance or equipment for accessibility needs.
These groups help to fill funding gaps and can offer direct or subsidized funding.
Some of these organisations include:
March of Dimes
One of the most well-known and active in the country, March of Dimes has a goal of financial assistance as well as guidance through the application process. This guidance can be especially useful for seniors who may need that extra bit of help.
Easter Seals
With the primary focus of helping children and adults with physical disabilities, Easter Seals offers financial support or equipment grants which can be used towards home modifications such as ramps, lifts, and more.
The support varies on your province, so make sure you check in with your local Easter Seals office before taking the next step.
Other local charities and groups:
It is always worth reaching out to your local community centre or social services office. They may be able to offer a one-time grant or even sponsor a project, such as helping to contribute towards building costs for a stair lift for a senior member.
Private Financing Options
If public funding is not quite enough, there are options in private financing which can bridge a gap. These alternatives can provide a greater level of flexibility, especially for immediate modifications.
Home Equity Line of Credit (HELOC)
Allowing you to borrow against the equity of your home, this option is great for any unexpected or immediate modifications you might need to make, as it offers flexible access to funds over time.
Personal Loans
This option is ideal for smaller or mid-sized projects, such as smaller modifications for a bathroom, for example.
Insurance and Health Benefits
Depending on your coverage, private health insurance or long-term disability benefits may help fund accessibility renovations. Some plans, for example, can cover the cost (or part of it) for medically necessary equipment, including:
· Home lifts
· Bathroom modifications, such as walk-in tubs
· Grab bars & handrails
Transforming your home into an accessible, safe space does not need to be financially overwhelming.
With the range of funding options available with some good research and it is likely you will be able to find a solution that fits your specific situation