How Much Can You Claim?
You can claim 15% of eligible renovation costs, up to a maximum of $50,000.
The credit provides a maximum tax benefit of $7,500.
Who Qualifies?
You may qualify if:
The renovations create a self-contained secondary unit within your primary residence.
The unit is intended for a senior relative (65 or older) or a person eligible for the Disability Tax Credit (DTC).
You are the owner of the home where the renovation takes place.
What Renovations Are Eligible?
Eligible renovation expenses must:
Be directly related to constructing or adapting the secondary dwelling unit
Include costs such as:
Design and permits
Materials and labor
Modifications for accessibility
Be incurred after January 1, 2023
Ineligible Expenses
The following costs cannot be claimed:
Furniture and appliances
Housekeeping or cleaning costs
Landscaping or aesthetic improvements
Repairs not related to the creation of the secondary unit
How to Claim the MHRTC
Track Your Expenses: Keep all receipts and records related to the renovation.
File with Your Tax Return: Report the eligible costs on your tax return.
Use the MHRTC Form: Complete the specific form for the Multigenerational Home Renovation Tax Credit and attach it to your return.
Why This Matters
The MHRTC makes it more affordable to create living spaces for family members, ensuring they can live comfortably while maintaining close family ties.