The Multigenerational Home Renovation Tax Credit (MHRTC) is a non-refundable tax credit aimed at helping families cover eligible home renovation costs.
Renovations must create a secondary dwelling unit for a senior (65+) or an adult with a disability to qualify for the MHRTC.
Eligible individuals who can claim the credit include homeowners and family members of the eligible person residing in the renovated home.
The maximum amount you can claim is 15% of eligible expenses, up to a total of $7,500.
Examples of eligible renovations include building new additions, converting existing spaces, and installing accessibility features.