What You Need To Know About Multigenerational Home Renovation Tax Credit

Are you planning to renovate your property to create a common space for grandparents, parents, or other qualifying relatives? Did you know you may be eligible for a tax credit?

The government has recently expanded the Multigenerational Home Renovation Tax Credit in Canada, offering up to $7,500 in tax credits for qualifying renovations.

Find out how to maximize your claim and explore the possibilities of including separate buildings. In this video, you’ll learn about eligibility requirements, qualifying expenditures, and eligible expenses such as materials and professional services.

Watch this video to find out how to take advantage of this Tax incentive!


Key Moments In This Episode
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00:00 - What is Multigenerational Home Renovation Tax Credit?
01:38 - Eligibility criteria for the tax credit
03:50 - What is considered a qualifying renovation?
05:45- What are qualifying expenditures?
06:40 - What types of Expenses do not qualify?
08:26 - How much can you Claim?
10:03 - Will a renovation qualify if you perform the work yourself?
10:47 - What do you need to support your claim?
12:40 - Do Laneway houses qualify under the tax credit?





If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.

Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies so you don’t miss a thing!

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Please make sure to speak to a professional that knows your personal situation before making a decision.

If you need to talk to someone on my team, email us at [email protected].

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DISCLAIMER:

Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice.
The information contained in this video is for general information purposes only.
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