2021 Ontario Budget – Tax Credits

Summary

Since the beginning of the pandemic, our government has introduced several tax credits that help the people of Ontario navigate the challenges caused by COVID-19. But to ensure uptake from people and improve lives, we need them to know these tax credits are out there. That’s why we’re encouraging caucus members to promote these Budget highlights to your social media followers using the attached graphics.

Our Jobs Training Tax Credit for 2021 is a refundable personal income tax credit that returns 50 per cent of eligible training expenses for 2021, up to $2,000. Expenses that apply include everything from personal support worker training programs to heavy machinery training programs, to courses towards a degree, diploma, or certificate and much more. In combination with the federal government’s Canada Training Credit, people can get a total of up to $2,500 back next year for training.

The Seniors’ Home Safety Tax Credit for 2021 is a refundable personal income tax credit that can be claimed by people who turn 65 by the end of 2021 or those who live with a senior relative. It returns 25 per cent of up to $10,000 in eligible expenses (to a maximum of $2,500) for renovations to a senior’s principal residence in Ontario. Examples of eligible expenses include grab bars, wheelchair ramps, stair lifts, and renovations to move a senior to the first floor of a home.

Key Messages

  • The people of Ontario have demonstrated incredible teamwork and cooperation to minimize transmission of COVID-19 and at a time when so many lives have been disrupted, the more awareness we can raise for these forward-thinking Budget features, the more support can be delivered to people.
  • The pandemic has changed our economy, and we understand people need relief to maintain their quality of life at this challenging time.
  • Ontario’s 2021 Budget has incorporated the needs of job seekers and seniors by offering a helping hand in the form of refundable tax credits; those eligible should know that relief is available.
  • To help workers learn new skills or change careers, the Ontario Jobs Training Tax Credit will provide up to $2,000 for 50 per cent of eligible training expenses, for a total estimated $260 million in support for about 230,000 people.
    • Up to $2,500 of support is available when the Ontario Jobs Training Tax Credit is paired with the Canada Training Tax Credit.
  • To help seniors stay in the homes they love, longer, the Seniors’ Home Safety Tax Credit will provide up to $2,500 for 25 per cent of eligible renovations to a senior’s principal residence in Ontario, for a total estimated $30 million in support for about 27,000 seniors and people who live with senior relatives.
  • We encourage the people of Ontario to use these tax credits to fill the gaps created by last year’s global economic downturn and help set their lives on the right track forward.