If you bought, built, sold, or renovated a home in 2023, you might be wondering what that means for your tax situation. Don’t worry, the Canada Revenue Agency (CRA) is here to help. We have information about tax incentives that can help you with housing costs.

Millions of Canadians file an income tax and benefit return every year. For the 2023 tax-filing season, Canadians filed more than 32 million tax returns, and more than 92% of them were filed electronically. There were also more than 18 million refunds processed, and Canadians who had a tax refund received an average of $2,262!

Whether you are new to Canada and trying to make your way, or are a Canadian resident wondering about housing options for the future, you are likely thinking about costs. The cost of living is high and we need to find ways we can stretch our dollars to where they need to go. We all have things to learn when it comes to managing our personal finances, and even more so as life circumstances change.

In November, we celebrate Financial Literacy Month by inviting organizations across Canada to come together to talk about personal finances, and how to manage different aspects of them. It is not always easy to know where we can get help to manage our money or to understand what mechanisms are out there for us. This November, help us get that conversation going.

Building a secondary unit for a senior or a family member with a disability?

The Multigenerational Home Renovation Tax Credit (MHRTC), provides a refundable tax credit of up to $7,500 for constructing a secondary suite, starting in 2023.

The value of the credit is 15 per cent of eligible expenses or $50,000 (whichever amount is less). For example, if the qualifying expenditures totaled $50,000, it would result in a refundable tax credit of $7,500 ($50,000 x 15%).