January 30, 2023 - Condo Renovations, Home Renovation, Latest News
Save on Your House Renovation With the Multigenerational Home Renovation Tax Credit
Finally! There’s some good news that might actually make homeowners rejoice, and it could result in big savings on your next home renovation.
Effective January 1st, 2023, the federal government is now offering a brand new tax credit that will make it easier for Canadians to add a secondary unit to their home for their adult relatives who need extra care.
We all know that home renovations in Vancouver or elsewhere in the country aren’t cheap and can place a financial burden on homeowners. But now, with the new Multigenerational Home Renovation tax credit, families who need more room for their older loved ones can claim a 15% tax refund on expenses of up to $50,000 in renovation and construction costs, with a maximum rebate of $7,500.
Who’s eligible for the Multigenerational Home Renovation tax credit?
To be eligible, homeowners must build a secondary unit with a private entrance, kitchen, and bathroom. And second, the family member moving into the new unit must be an immediate or extended relative who is a senior or has a disability.
Homeowners interested in this new tax credit can apply for it on their 2023 income tax return in 2024, so people can start bringing their families closer together as soon as this year.
People who support this new tax credit believe it’s an important initiative that helps multi-generational communities thrive, allows older adults to live on their own, and supports families and their costly projects on an economic level. So what do you think? Will you take advantage of this new tax credit?
We’re here to help you tackle any renovation project.
Whether you’re searching for home renovation companies Vancouver, BC, condo renovations Vancouver, or just a builder that you can trust, the Roadhouse Homes Team is here for you!
We are an award-winning custom home builder and renovator company, and we can’t wait to help you achieve your home-changing dreams. Learn more about us here: https://www.roadhousehomes.ca/about/bio/