Multigenerational Home Renovation Tax Credit

According to Stats Canada for 2021, 6.4% of the total population live in multigenerational households. With housing prices and cost of living increasing, this number is also going to increase.

Effective January 1, 2023, the government introduced the Multigenerational Home Renovation Tax credit to help families live together.

This tax credit applies to building a secondary suite for a family member who is a senior or an adult with a disability, which includes a grandparent, parent, child, grandchild, sibling, aunt, uncle, niece or nephew.

The secondary suite must be a self-contained which means it must have a separate entrance, bathroom, kitchen and bedroom.

The credit will provide a 15% tax refund on expenses of up to $50,000 for a maximum of $7,500.

If you are looking for more information about this, please give us a call or send us a DM and we'd happy to help.

PJ @ 604-725-1258 | Razaik @ 604-537-8447