Multigenerational Home Renovation Tax Credit: Who Qualifies and What You Get
Learn how to claim a tax credit for renovation costs incurred while creating a secondary living space for a senior or disabled relative.
This tax credit helps families offset the costs of making home renovations to create a separate living space for a relative.
Who it's for
This credit is available to families who are renovating their home to build a secondary unit specifically for a senior or a relative with a disability.
What you get
You can claim a tax credit of 15% on renovation expenses, up to a maximum limit of $50,000.
What it costs you
To qualify, you must be a permanent resident of the home where the renovations are taking place.
The catch to know
The renovation work must be specifically designed to accommodate a qualifying relative; it cannot be for general home improvements.
How to apply
- Ensure your renovations meet the requirements for a secondary unit for a senior or disabled relative.
- Keep all receipts and documentation related to the renovation expenses.
- Claim the credit when you file your tax return.
- Visit the official portal for more details: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-45350-multigenerational-home-renovation-tax-credit.html