The federal government is offering a new tax credit to help make it easier for Canadians to care for adult relatives in their own homes. The multi-generational home renovation tax credit took effect Jan. 1 for expenses related to building a secondary suite for a family member who is a senior or an adult with a disability. The credit will provide a 15 per cent tax refund on expenses of up to $50,000 to a maximum of $7,500.
The secondary suite must be for a related adult over the age of 65 or living with a disability, including a grandparent, parent, child, grandchild, sibling, aunt, uncle, niece or nephew. The secondary suite must be a self-contained housing unit that includes a separate entrance, bathroom, kitchen and sleeping area.
Additionally, the home being renovated must be inhabited or reasonably expected to be inhabited within 12 months after the end of the renovations.
Certain things cannot be claimed, such as:
To find out more on the Government of Canada website CLICK HERE
Jim Perks is a Calgary REALTOR who divides his time working with both sellers of houses and buyers of homes. He has been an agent since 2010