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Living in a multigenerational home is something that is familiar to me growing up. For many cultures including my own, it’s common to live with your parents or relatives for a very long time or even the entirety of your parents’ life. This has become a reality for many Canadians who are choosing to live with family amidst the rising costs of living which is why this tax refund is essential in helping families lower the expenses of building a secondary unit.
As of January 1, 2023 you could be eligible for the Multigenerational Home Renovation Tax Credit. This is a one time payment from the Government and introduced by Budget 2022 where individuals can claim 15% on up to $50,000 of expenses for a secondary dwelling which totals a max of $7500. This would allow units with a separate living space and entrance.
Multigenerational homes can be hugely beneficial for multiple reasons including affordability and the program promotes accessibility and care for family members who may need it. Qualified individuals include seniors, disabled persons or related family who are 18 years or older.
For more information on this topic and if you qualify for this refund, speak to your Accountant.
