News Release

Brampton, Ontario

With the rising cost of living and an aging population, many families in Brampton and across Canada are choosing to live together in order to save money and provide care for family members. 

That is why today, MP Sonia Sidhu is highlighting that the federal government is offering a multigenerational home renovation tax credit of up to $7,500 to enable Canadian families to house a grandparent or a family member with a disability who decides to return home and live with them.

“A tax credit for these renovations can help lessen the financial burden and make it easier for families to make these changes. It can also help to promote aging in place, allowing older family members to stay in their homes and maintain their independence,” said MP Sidhu. 

The new Multigenerational Home Renovation tax credit is available for families wishing to add a secondary unit to their home for the purposes of allowing an immediate or extended family member to live with them. Families will be able to claim a 15% tax credit up to $50,000 in renovation and construction costs. This will provide up to $7,500 in support and help make communities more livable while bringing families closer together and better able to care for one another.

“I look forward to seeing how this tax credit will help promote the overall well-being of older adults in our community,” said MP Sidhu. 

The new multi-generational home renovation tax credit became available on Jan. 1, 2023, for further details, visit: https://fin.canada.ca/drleg-apl/2022/ita-lir-0822-n-2-eng.html#mghrtc

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CONTACT:

The Office of Sonia Sidhu, Member of Parliament, Brampton South

P: (905) 846-0076   |  E: [email protected]