{"id":20982,"date":"2022-12-01T15:15:00","date_gmt":"2022-12-01T23:15:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20982"},"modified":"2022-12-01T08:39:39","modified_gmt":"2022-12-01T16:39:39","slug":"home-renovation-financial-incentives-for-again-parents","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/12\/home-renovation-financial-incentives-for-again-parents\/","title":{"rendered":"Home Renovation Financial Incentives for Again Parents"},"content":{"rendered":"<p style=\"text-align: justify;\">It\u2019s a reality for many families that your parents will need financial assistance as they age.<\/p>\n<p style=\"text-align: justify;\">With the rise of the \u201csandwich generation\u201d\u2014baby boomers who are sandwiched between taking care of their children and their elderly parents\u2014you may not have the resources to put your parents up in a five-star retirement facility, or you may want them to come home and live with your family. In either case, relocating your parents to the family homestead can be done, but it takes some work.<\/p>\n<p style=\"text-align: justify;\"><strong>Seniors\u2019 Home Safety Tax Credit<\/strong><\/p>\n<p style=\"text-align: justify;\">There are often renovation credits available to you if you\u2019re retrofitting your home. The Seniors\u2019 Home Safety Tax Credit, for example, offers up to 25% on $10,000 of renovations per year on upgrades\u2014meaning up to $2,500\u2014that are specific to seniors. These include, but aren\u2019t limited to :<\/p>\n<p style=\"text-align: justify;\"><em>\u2022 Ramps, elevators, and stair lifts<\/em><br \/>\n<em>\u2022 Walk-in bathtubs, shower grab bars, and hands-free taps<\/em><br \/>\n<em>\u2022 Easy-to-use locks and handles<\/em><br \/>\n<em>\u2022 Motion activated lighting<\/em><br \/>\n<em>\u2022 Doorway widening and handrails<\/em><br \/>\n<em>\u2022 Automatic garage door openers<\/em><br \/>\n<em>\u2022 Lowering counters and cupboards in the kitchen<\/em><br \/>\n<em>\u2022 Widening passage doors<\/em><\/p>\n<p style=\"text-align: justify;\">You are eligible to claim the credit if you :<\/p>\n<p style=\"text-align: justify;\"><em>\u2022 Are 65 or older by the end of the year, or<\/em><br \/>\n<em>\u2022 Live with a senior relative, or<\/em><br \/>\n<em>\u2022 Will live with a senior relative within 24 months after the end of the year.<\/em><\/p>\n<p style=\"text-align: justify;\">Be sure to keep every receipt, in case you get audited.<\/p>\n<p style=\"text-align: justify;\"><strong>Lodging<\/strong><\/p>\n<p style=\"text-align: justify;\">There are a number of different alternatives for how and where to house your parents. Most families don\u2019t have an extra bedroom to convert into a grandparents\u2019 suite, so additions could be an option.<\/p>\n<p style=\"text-align: justify;\">Additions can be costly, and building permits will be needed from your city. However, if you have the space, additions can be completed in as little as a month, depending on your needs. You\u2019ll also want to talk to your parent about what they want. Ask some important questions :<\/p>\n<p style=\"text-align: justify;\"><em>\u2022 Do you want a separate entrance?<\/em><br \/>\n<em>\u2022 What do you want to share with the main house? Bathroom? Front entrance? Kitchen?<\/em><\/p>\n<p style=\"text-align: justify;\">Also, keep in mind the small upgrades you might have to make. Grab bars and clear-swing hinges are both common, so be sure to budget in a pocket for minor expenses, on top of the big stuff.<\/p>\n<p style=\"text-align: justify;\">There are also small, stand-alone structures called \u201cgranny pods\u201d that look like tiny houses in your backyard. They take the space of one or two sheds\u2014like a tiny cottage\u2014but are essentially fully functioning bachelor apartments. They connect to existing pipes and sewage and can be outfitted with special lighting, soft floorboards in case of a fall, wide doorways and no stairs for easy wheelchair access, and other perks.<\/p>\n<p style=\"text-align: justify;\">You will need a special permit to build a granny pod, but it offers your parents a home close enough for support and far enough that they don\u2019t feel reliant or intrusive. If you have the space and the money, these new structures are an excellent idea.<\/p>\n<p style=\"text-align: justify;\"><strong>Laneway Suites Programs<\/strong><\/p>\n<p style=\"text-align: justify;\">If you\u2019re a resident of the City of Toronto, the city launched the Laneway Suites Initiative, which includes two programs to encourage eligible property owners to develop secondary\/laneway suites.<\/p>\n<p style=\"text-align: justify;\"><em>\u2022 Development Charges (DC) Deferral Program for Ancillary Secondary Dwelling Units \u2013 allows for a DC deferral for eligible property owners developing a secondary dwelling unit PDF at the rear yard of a property<\/em><br \/>\n<em>\u2022 Affordable Laneway Suites Pilot Program \u2013 provides funding in form of a forgivable loan of up to $50,000 for eligible property owners developing a laneway suite. The loan will be forgiven in 15 years from the date when the first tenant occupies the laneway suite<\/em><\/p>\n<p style=\"text-align: justify;\"><strong>Communication<\/strong><\/p>\n<p style=\"text-align: justify;\">It\u2019s not easy for a parent to accept that they have to move in with their children. An important first question is to actually ask whether or not your parents want to move in with you. There may be other options, but some children just decide what their parents need, rather than considering alternatives.<\/p>\n<p style=\"text-align: justify;\">You should establish ground rules for the entire family, including :<\/p>\n<p style=\"text-align: justify;\"><em>\u2022 When can and can\u2019t grandma discipline the children?<\/em><br \/>\n<em>\u2022 Should the children be allowed to go into grandma\u2019s room?<\/em><br \/>\n<em>\u2022 What times does grandma prefer to use the shower?<\/em><br \/>\n<em>\u2022 What is the normal family timeline now? How can we adapt this to welcome grandma?<\/em><br \/>\n<em>\u2022 What purchases are combined and which are separate? Food, bills, etc.<\/em><\/p>\n<p style=\"text-align: justify;\">Be sure to accommodate those activities that are important to your parents. If she\u2019s religious but can\u2019t make it to church, for example, some ministers and religious leaders will make house visits. If she has regular bridge games, make an evening a week when she can have the main area, and the rest of the family goes to the movies. Find tasks where she can contribute, whether it be ironing or helping with cooking. Giving her freedom and making her feel useful when possible is essential to making her feel comfortable at all times.<\/p>\n<p style=\"text-align: justify;\">There will also likely be medical professionals who will need to stop by, or you\u2019ll have to make doctor\u2019s runs. Be ready to budget in some time each week to help out when needed.<\/p>\n<p style=\"text-align: justify;\">Although this can be a trying situation, when done properly the family unity can be so rewarding, especially for a grandparent. Consider what\u2019s best for your parents, include them as much as possible, and the transition should be much smoother.<\/p>\n<p><a href=\"https:\/\/www.zoocasa.com\/blog\/6086-2\/\" target=\"_blank\" rel=\"noopener\">How to Renovate Your Home &amp; Prepare Your Family for Aging Parents?<\/a> by zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s a reality for many families that your parents will need financial assistance as they age. With the rise of the \u201csandwich generation\u201d\u2014baby boomers who are sandwiched between taking care &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/12\/home-renovation-financial-incentives-for-again-parents\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-20982","post","type-post","status-publish","format-standard","hentry","category-home-lifestyle"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home Renovation Financial Incentives for Again Parents &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.roryc.ca\/blog\/2022\/12\/home-renovation-financial-incentives-for-again-parents\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home Renovation Financial Incentives for Again Parents &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"It\u2019s a reality for many families that your parents will need financial assistance as they age. 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