Nov 1, 2024
Tax breaks for Canadian homeowners
The Canada Revenue Agency (CRA) is reminding homeowners about several tax incentives that can help offset the costs of homeownership. With the rising cost of living, these credits can provide much-needed relief. Some of the key incentives include:
Multigenerational home renovation tax credit (MHRTC): A refundable credit for renovations to create a secondary unit for a family member, such as a basement apartment for aging parents.
Home accessibility tax credit (HATC): A non-refundable credit for renovations that make a home more accessible for people with disabilities.
Moving expenses: Deductible expenses if you moved at least 40 km closer to a new workplace.
Home office expenses: Deductions for those who work from home, whether self-employed or employed by a company.


Sign up for our Daily News Alerts to receive relevant industry news, articles, and previews for our next issue of Home Improvement Retailing. Delivered directly to your inbox. Subscribe here.