Not to be confused with a $50,000 tax refund
Multigenerational Home Renovation Tax Credit
This Multigenerational Home Renovation Tax Credit came up in my feeds this afternoon.
Case A.
Let's say we have a retired couple who just turned 65 and older, and they moved into their daughters and son-in laws house which they plan to renovate or receently renovated to accoumadate the newly minted "Granny Suite"
Case B. You have a son or daughter of another family member who has a disbaility and they are under 65, they may be eligible for Disability Tax Credit ( DTC) , if eligible, Dad would be able to claim this credit should he do a reno to accomadte the son in their home. He also may be eligible to claim him even if the renovation is not undertaken yet and may in fact be eligible for prior yrs. We often recover taxes going back 10 yrs in such cases. Your grandson may also be eligible for a RDSP investment plan, there is excellent grants and bonds possible with this.
First step would be for dad or mom to get in touch with our office and speak with our Disability Tax Specialist to make a determination regarding DTC eligibility. For this service we currently charge a 25% recovery fee on what we get them back, if nothing, there is no charge. Hopefully we get you back 10 to 20 M. Our experts can go over those details when they talk.
Thanks
Tim
