Multi Generational Home Tax Credit
The government of Canada has introduced a Multi-Generational Home Tax Credit
🔨This is a one-time renovation tax credit that is aimed at the increased number of multigenerational homes in Canada.
🔨This tax credit allows Canadians to claim up to 15% of their renovations costs, up to 50K.
🔨The renovations must include the construction of an additional suite that has a private entrance, kitchen, bathroom, and sleeping area.
🔨The intention is to provide financial support to those who need to construct a suite for a senior relative, or persons with a disability.
🔨The newly built dwelling must be inhabited within twelve months after the end of the renovation period.
🔨This tax credit is implemented to reduce the financial strain many seniors experience, along with the housing crunch Canada has seen due to supply chain shortages and lack of construction workers to build new homes.