Thinking About Renovating? You Could Get Up to $7,500 Back!

If you’ve been considering a home renovation to make space for a loved one, like a parent or other family member with a disability – or if you’ve renovated this past year - the Multigenerational Home Renovation Tax Credit (MHRTC) might be just what you need.

What Is the MHRTC?

This is a refundable tax credit from the Canada Revenue Agency that helps families create a self-contained secondary unit in their home.

It’s designed for:

  • Seniors aged 65 or older, or

  • Adults (age 18-64) eligible for the Disability Tax Credit

How Much Can You Save?

  • You can claim 15% of eligible renovation costs, up to $50,000 - that’s a maximum credit of $7,500 back in your pocket!

What Kind of Renovations Qualify?

The renovation must create a private living space with:

  • A separate entrance

  • Kitchen or kitchenette

  • Bathroom

  • Sleeping area

Eligible expenses include:

  • Construction materials

  • Labour and contractor fees

  • Professional services (plumbing, electrical, design)

  • Permits and inspections

Who Can Claim?

  • You must own the home and be a Canadian resident

  • You pay for the renovation yourself

  • The qualifying family member moves in within 12 months of completion

Don’t Forget To:

  • Keep all receipts and invoices

  • Claim the credit on Schedule 12, Line 45355 of your tax return (we’ll get this done for you, if our firm is preparing your return!)

Please reach out to us if you think you qualify for this credit, or if you have any questions at all - We’re here to help!

Stephen Aubert CPA