Before you can qualify for one of the following housing tax incentives or other benefits and credits, you must file your income tax return.
New housing benefits and tax credits: Multigenerational Home Renovation Tax Credit. This is a refundable credit for eligible expenses related to certain qualifying renovations to create a self-contained secondary unit for an individual to reside with a relation. You could claim up to $50,000 in expenditures for each qualifying renovation that is completed. The tax credit is 15% of your renovation cost, up to a maximum of $7,500 for each eligible claim.
Existing measures for homeowners: Home Accessibility Tax Credit. This is a non-refundable tax credit for eligible home renovation or alteration expenses, with an annual expense limit of $20,000
Please consult your accountant or Canada Revenue Agency for details regarding these tax incentives available to the owners.