Multigenerational housing: share costs, responsibilities and time

by | Mar 14, 2024 | Home and Living

The rising cost of housing and the responsibility of caring for children and aging parents are common challenges many of us are facing.

Some families are choosing to live as a multigenerational household to help provide some relief.

It’s a way to share household costs and responsibilities with more family members. It’s also a chance to bring your family closer.

When each generation has their own space – maybe it’s a separate suite in your backyard, an apartment unit in your basement or a more private area in your house – it can make the situation even better.

However, if saving money is one of the reasons you’re sharing your home, you might be concerned about renovation costs.

There’s good news – you may be able to use the Multigenerational home renovation tax credit to help make that home a reality. With this tax credit, you can claim up to $50,000 in eligible renovation expenses and receive a refundable credit of up to 15 per cent of these expenses, up to $7,500.

It’s not just about changing a house; it’s about creating a welcoming space to keep your loved ones near, so you can provide them with support they need if they’re eligible for the disability tax credit or are 65 years or older.

This could mean having your kids visit their grandparents for a movie night without leaving the yard, having weekly family dinners or dropping off groceries for each other.

Learn more and find out if you would qualify at canada.ca/cra-mhrtc

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