Federal tax credit for multi-generational home renos now available

Federal tax credit for multi-generational home renos now available

Click the link above to read the full article. The article was published on January 11, 2023. It was written by the Canadian Press and shared on Investment Executive.

Federal tax CREDITS! We like those! Taking advantage of federal tax credits can be used to offset taxable income. This will potentially lower the amount of taxes you owe.

This credit applies to multi-generational home renovations and came into effect January 1st. The credit helps with expenses related to building a secondary suite for a family member. As with most things to do with federal tax there are several stipulations to qualify. Talk to your accountant if you are planning on family members moving in and renovating!

A few highlights from the article below:

The credit will provide a 15% 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.

Some expenses, such as the purchase of home appliances and costs for housekeeping or other services, do not qualify for the credit.

This article was published on January 11, 2023 and written by the Canadian Press, shared on the Investment Executive website.

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