Tax Credit for Multi-Generational Renovations

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Tax Credit for Multi-Generational Renovations Now Available

Jan 25, 2023

Canadians can now access a 15 per cent tax refund on expenses related to home renovations for elderly family members or adults with disabilities. The federal government’s Multigenerational Home Renovation Tax Credit took effect January 1, 2023. The credit provides Canadians with a 15 percent refund for renovations aimed at helping to care for elderly and disabled relatives in their homes.

The maximum refund is $7500, for expenses up to $50,0000. Eligible projects include the construction of a secondary suite for a family member who is senior or an adult with a disability. Seniors 65 years of age or older and adults with disabilities who are 18 years of age or older are considered eligible.

The secondary suite must also be a self-contained housing unit that includes a separate entrance, bathroom, kitchen and sleeping area. The home being renovated must also be lived in within 12 months after the end of the renovations.

Spaces such basements, bonus rooms over garages and attic spaces are examples of unused, or under-utilized spaces that with the right design and building materials can totally transform a ho-hum space to stunning living quarters.

At Foam Comfort we believe that the proper insulation is key to a comfortable and energy-efficient suite. With spray foam’s air barrier properties, and inability to hold moisture, it is the perfect choice for comfort – especially for seniors and those with disabilities that may be adversely affected by cold and damp.

Tax Measures: Supplementary Information | Budget 2022 (canada.ca)

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