Grandpa moving in? Here's a tax break for reno's

The 2022 federal budget introduces the Multigenerational Home Renovation Tax Credit, which will provide a tax break for those who create a secondary unit within their existing home to permit a related senior or person with a disability to live there. The maximum value of the credit would be $7,500.

This measure is intended to take effect on January 1, 2023.

Budget 2022 also increases the maximum value of the existing Home Accessibility Tax Credit from $1,500 to $3,000 effective for expenses incurred in the 2022 and subsequent taxation years.