Multigenerational Home Renovation Tax Credit (MHRTC)

In plain language

15% refundable federal tax credit on up to $50,000 in costs to build a self-contained secondary suite for a senior (65+) or DTC-eligible relative — max $7,500 back. Suite must have its own entrance, kitchen, bathroom, and bedroom. The qualifying individual must move in within 12 months of the reno. One-shot per qualifying person's lifetime, so don't burn it on a small project. Great fit if you're adding an in-law suite for an aging parent in NL, where PHRP + NL senior mods + MHRTC can together fund a meaningful chunk of a basement conversion.

Who qualifies

What you'll have to report

Schedule 12 with T1; keep building permits, contractor invoices, proof secondary unit has its own kitchen/bath/entrance/bedroom; residency evidence for qualifying relative.