Status: Available starting on 2023 tax returns.
The multigenerational home renovation tax credit (MHRTC) is a new refundable tax credit that can be claimed on your 2023 Income Tax and Benefit Return.
If you are eligible, you can claim this credit for certain renovation expenses to create a self-contained secondary unit. The secondary unit must allow a senior or an adult who is eligible for the disability tax credit to live with a qualifying relative.
You can claim up to $50,000 in qualifying expenditures for each qualifying renovation that is completed. The tax credit is 15% of your costs, up to a maximum of $7,500, for each claim you are eligible to make.
