Tax Credit for Multi-Generational Renovations Now Available

January 25, 2023

Canadians can now access a 15 percent 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 on 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 a 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.

A kitchen with wooden cabinets and a marble counter top

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 into 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)

For more information about financial aide and rebate programs, check out our blog post Financial Support for Your Home Renovation or our post A Guide to the New $40,000 Loan Program to Help With Deep Retrofit Projects

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