Astaneh Construction is proud to inform our clients about the recently announced Multigenerational Home Renovation Tax Credit by the Canadian Government. As a renowned construction company, we believe that this tax credit can help our clients save money on their renovation projects, especially those that aim to create more space for multiple generations of a family to live together.
The Multigenerational Home Renovation Tax Credit is a new initiative introduced in Budget 2022 to encourage Canadians to renovate their homes to accommodate their elderly parents or adult children. This tax credit is a one-time credit that is available to individuals who are renovating their homes to create a separate living space for a parent or grandparent who is 65 years or older or a child who is 18 years or older with a physical or mental disability. The credit can be claimed for up to 20% of eligible expenses of up to $100,000, resulting in a maximum credit of $20,000.
The tax credit is available for eligible expenses incurred after October 6, 2021, and before January 1, 2026. Eligible expenses include the cost of materials, labour, and design fees for the renovation. Examples of eligible renovations include adding a bedroom, bathroom, or kitchenette to a home to accommodate a family member.
At Astaneh Construction, we understand the importance of having a comfortable and safe living space for all members of a family. The Multigenerational Home Renovation Tax Credit is an excellent opportunity for families to improve their living spaces to accommodate their aging parents or adult children with disabilities.
If you are planning a home renovation project to create a multigenerational living space, Astaneh Construction can help you every step of the way. Our team of professionals has extensive experience in home renovations, and we can help you design and build a space that meets your family’s needs and fits your budget.
To take advantage of the Multigenerational Home Renovation Tax Credit, you must keep all receipts and documents related to your renovation project. Our team at Astaneh Construction can assist you in organizing and keeping all necessary documents to claim the tax credit when filing your taxes.
In conclusion, the Multigenerational Home Renovation Tax Credit is a fantastic opportunity for families to create a comfortable and safe living space for their aging parents or adult children with disabilities. Astaneh Construction is committed to helping our clients take advantage of this tax credit by providing high-quality renovation services that meet their needs and budget. Contact us today to start planning your multigenerational renovation project.
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CEO & FOUNDER OF ASTANEH CONSTRUCTION
I’m a veteran renovation professional with a range of whole house renovations under my belt, including kitchen renovation, basement renovation, and bathroom renovation at the highest level in Toronto.
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