The Canadian government is throwing a lifeline to its citizens by offering them incentives to cater to adult relatives in their homes.
The multi-generational home renovation tax credit took effect from Jan. 1 for expenses related to building a secondary suite for a family member who is an adult with a disability or a senior.
The non-tax credit will provide a 15 per cent tax refund on expenses of up to $50,000 to a maximum of $7,500.
The secondary suite must be for an adult relative above 65 years or living with a disability, including a grandparent, parent, child, grandchild, sibling, aunt, uncle, niece or nephew. The secondary suite must be designed to have a self-contained unit that has a separate entrance, bathroom, kitchen and sleeping area.
Furthermore, it must be inhabited or reasonably expected to be inhabited within 12 months after renovations are concluded.
Purchase of appliances and expenses for housekeeping and others, do not qualify for the credit.
According to the parliamentary budget office, the tax credit will cost the federal government about $44 million over the next five years.
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