Building Together: Unlocking the Multigenerational Home Renovation Tax Credit (MHRTC)

In the heart of every home lies a story, a tapestry woven with memories, laughter, and the comforting embrace of family. At Homestead Design Build, we cherish these narratives, understanding that a house becomes a home when generations come together under one roof. Today, we invite you to explore an opportunity that not only strengthens familial bonds but also offers financial support: the Multigenerational Home Renovation Tax Credit (MHRTC).

Embracing Family, Embracing Support

Life's journey often brings us full circle, where the care once received from our elders becomes the care we now provide. The MHRTC, introduced by the Canadian government, acknowledges this beautiful cycle. It's a refundable tax credit designed to assist families in creating a self-contained secondary unit within their homes, allowing seniors or adults eligible for the Disability Tax Credit to live with a qualifying relative.

Understanding the MHRTC

• What Is It?
  The MHRTC allows eligible individuals to claim 15% of qualifying renovation expenses, up to $50,000, resulting in a maximum credit of $7,500 .

• Who Qualifies?

  • Qualifying Individual: A person who is either:

    • 65 years of age or older at the end of the renovation period tax year.

    • 18 to 64 years of age and eligible for the Disability Tax Credit (DTC) during the renovation period tax year .

  • Eligible Individual: A resident of Canada who:

    • Ordinarily resides, or intends to reside, in the eligible dwelling within 12 months of the renovation's completion.

    • Is a qualifying relation (e.g., parent, grandparent, child, grandchild, sibling, aunt, uncle, niece, or nephew) of the qualifying individual .

• What Renovations Qualify?
  The renovation must create a self-contained secondary unit with a private entrance, kitchen, bathroom, and sleeping area. This unit can be part of the existing structure or a separate building on the same property .

Why Consider a Multigenerational Home?

• Strengthened Family Bonds: Sharing a home fosters deeper connections, allowing for shared experiences and mutual support.

• Financial Efficiency: Combining households can lead to reduced living expenses and shared responsibilities.

• Enhanced Care: Proximity ensures that aging family members receive timely assistance and companionship.

Homestead Design Build: Your Partner in Transformation

Embarking on a home renovation journey is both exciting and intricate. At Homestead Design Build, we specialize in crafting spaces that honor tradition while embracing modern needs. Our team is adept at:

• Designing functional and comfortable secondary units that comply with MHRTC requirements.

• Navigating the complexities of permits and regulations to ensure a seamless renovation process.

• Providing guidance on maximizing available tax credits and incentives.

Take the Next Step

If you're considering transforming your home into a multigenerational haven, we're here to guide you every step of the way. Let's collaborate to create a space where memories are made, and family thrives.

Contact Homestead Design Build Today

Together, we can build not just a house, but a legacy of love, support, and togetherness.