As people age, there inevitably comes a time to downsize and sell their family homes. For many, it coincides with the time of life when they start to need a little more care and support, often from adult children. We believe there’s a better solution, one that gives families options other than parents and grandparents being forced to move away.
A re-elected Liberal government will:
- Introduce a new Multigenerational Home Renovation tax credit to help families add a secondary unit to their home for an immediate or extended family member. Families will be able to claim a 15% tax credit for up to $50,000 in renovation and construction costs, saving up to $7,500.