Canadians will receive a benefit from the government when caring for a relative
The additional payments will help make life easier for many residents who live under the same roof as an elderly relative.
On January 1, the new tax credit law went into effect, which entails a 15% refund on expenses up to $50,000 CAD, but no more than $7,500 CAD.
The multigenerational home improvement tax credit can help cover the cost of furnishing a room for a family member with a disability or a relative over 65.
It can be grandparents, children or grandchildren, siblings, uncles and aunts. According to the provision, the housing must be self-contained with a separate entrance, bathroom, kitchen and bedroom. In addition, the house being renovated must be inhabited, or be expected to be inhabited within 12 months of completion of the renovation.
But the purchase of appliances and utility bills are not suitable for the conditions. Only construction and repair work.
The government is ready to allocate $44 million CAD to develop the project.
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