{"id":12112,"date":"2023-01-24T04:07:36","date_gmt":"2023-01-24T12:07:36","guid":{"rendered":"https:\/\/essential.construction\/news\/tax-credit-for-multi-generational-renovations-now-available\/"},"modified":"2023-01-24T04:07:36","modified_gmt":"2023-01-24T12:07:36","slug":"tax-credit-for-multi-generational-renovations-now-available","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/tax-credit-for-multi-generational-renovations-now-available\/","title":{"rendered":"Tax credit for multi-generational renovations now available"},"content":{"rendered":"<p> <a href=\"https:\/\/essential.construction\/files\/membership-default-internal\/\" class=\"memberhide\"><img decoding=\"async\" src=\"https:\/\/essential.construction\/news\/wp-content\/uploads\/sites\/15\/2023\/01\/20220718_175041000_iOS.jpg\" alt=\"-\"><\/a><br\/><br \/>\n<\/p>\n<div>\n<div id=\"attachment_1003291951\" style=\"width: 640px\" class=\"wp-caption alignright\">\n<p id=\"caption-attachment-1003291951\" class=\"wp-caption-text\">(PHOTO: \u00a9 JackF \/ ADOBE STOCK)<\/p>\n<\/div>\n<p style=\"text-align: justify;\">The federal government\u2019s Multigenerational Home Renovation Tax Credit took effect January 1. The credit provides Canadians with a 15 per cent refund for renovations aimed at helping to care for elderly and disabled relatives in their homes.<\/p>\n<p style=\"text-align: justify;\">Eligible projects include the construction of a secondary suite for a family member who is senior or an adult with a disability. The credit can be applied against expenses of up to $50,000, for a maximum refund of $7,500.<\/p>\n<p style=\"text-align: justify;\">Canada\u2019s Budget 2022 outlines eligible persons, qualifying relations and eligible claimants for the tax credit. Seniors 65 years of age or older and adults with disabilities who are 18 years of age or older are considered eligible.<\/p>\n<p>As outlined in Federal Bill C-32, related adults can include a grandparent, parent, child, grandchild, sibling, aunt, uncle, niece or nephew. The secondary suite must also be a self-contained housing unit that includes a separate entrance, bathroom, kitchen and sleeping area. The home being renovated must also be lived in within 12 months after the end of the renovations.<\/p>\n<p>The credit was included in the federal government\u2019s new housing affordability measure outlined last year. Other items in the government\u2019s \u201cMaking Housing More Affordable\u201d measures include the two-year ban on foreign purchases of Canadian houses and a one-per-cent annual vacant home tax on foreign-owned underused housing.<\/p>\n<p><a rel=\"nofollow noopener\" href=\"http:\/\/www.canada.ca\" target=\"_blank\">www.canada.ca<\/a><\/p>\n<p>\u00a0<\/p>\n<\/div>\n<p><script>(function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(d.getElementById(id))return;js=d.createElement(s);js.id=id;js.src=\"https:\/\/connect.facebook.net\/en_US\/sdk.js#xfbml=1&appId=761779333850340&version=v2.0\";fjs.parentNode.insertBefore(js,fjs);}(document,'script','facebook-jssdk'));<\/script><br \/>\n<br \/><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5143531171910809\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- News - Bottom -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-5143531171910809\"\r\n     data-ad-slot=\"8320848692\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.canadiancontractor.ca\/canadian-contractor\/tax-credit-for-multi-generational-renovations-now-available\/1003291953\/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=tax-credit-for-multi-generational-renovations-now-available\" rel=\"nofollow noopener\" target=\"_blank\">This article was originally posted at Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(PHOTO: \u00a9 JackF \/ ADOBE STOCK) The federal government\u2019s Multigenerational Home Renovation Tax Credit took effect January 1. The credit &#8230; <a title=\"Tax credit for multi-generational renovations now available\" class=\"read-more\" href=\"https:\/\/essential.construction\/news\/tax-credit-for-multi-generational-renovations-now-available\/\" aria-label=\"Read more about Tax credit for multi-generational renovations now available\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":12113,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1090],"tags":[1091],"class_list":["post-12112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-contractor","tag-canada","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/12112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/comments?post=12112"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/12112\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media\/12113"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=12112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=12112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=12112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}