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%).

It’s time to hit the books again! As you’re getting ready to go back to school, there are some important things about benefits, credits, and taxes to keep in mind. Get organized now so you’ll get the benefits and credits that you’re entitled to and save yourself some headaches later.

This back to school season, the CRA are here to make it easy to teach and understand taxes. Whether you are an educator or an organization that supports educational growth, there are many resources that you can take advantage of this academic year.

As the new academic year approaches, helping your child understand taxes can set them up for success. There are many resources to enhance your child’s journey through the tax system, and the CRA are here to help.