New credit available on the 2023 tax return
The Multigenerational home renovation tax credit (MHRTC) is a refundable credit that assists with the cost of renovating an eligible dwelling to create a secondary unit that allows a qualifying individual (senior or adult eligible for the disability tax credit) to live with a qualifying relation. The credit is available for qualifying expenditures made or incurred after December 31, 2022, for services performed or goods acquired after that date.
Refer to: Multigenerational home renovation tax credit (MHRTC)
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