Cost Estimate for the Multigenerational Home Renovation Tax Credit
The proposed measure introduces a refundable tax credit for eligible expenses incurred during a qualifying renovation that leads to the creation of a secondary unit within an existing home. Undertaking a qualifying renovation must result in an eligible person (a senior or a person with a disability) residing with a qualifying relation. The amount of the tax credit would be 15 per cent of the lesser of eligible expenses and $50,000.
The PBO estimates that the proposed measure will generate a 5-year cost of $44 million.