ARTICLE · 28 MARCH 2024

The Multigenerational Home Renovation Tax Credit

Rosen & Associates

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Having multiple generations living in the same home is a reality for many families in Canada today. This is the result of various factors, including the high cost of living and need for care.

CanadaTax

Michelle Kosarnia

Having multiple generations living in the same home is a reality for many families in Canada today. This is the result of various factors, including the high cost of living and need for care.

In order to assist families who find themselves in this situation, the Federal government introduced the Multigenerational Home Renovation Tax Credit (MHRTC) as part of the 2022 Budget. The MHRTC received Royal Assent on December 15, 2022, as part of Bill C-32, the Fall Economic Statement Implementation Act, 2022.

Overview

The MHRTC serves as a tax credit accessible to individuals incurring expenses for renovations undertaken for the purpose of creating living accommodations for family members. This credit is subject to various eligibility requirements outlined below. I

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