Multigenerational Home Renovation Tax Credit: What is it and do you qualify? + MORE Sep 8th

With 10 interest rate hikes since March 2022 and most mortgages facing renewal by 2026, a lot of Canadian home owners are staring down steep increases in their mortgage payments. At a time when household finances are already stretched thin, many could see their mortgage payments go up 20% to 40%. But, “in many cases, the news isn’t as bad as people think,” says David Larock, a mortgage broker with Integrated Mortgage Planners in Toronto. Instead, he says, there are a number of strategies that can be employed to manage mortgage payments. The key is to talk to a mortgage expert to ensure every avenue is explored—and not to panic.

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Who’s facing higher mortgage payments? 

The impact of higher rates depends on the type of mortgage borrowers have…

Multigenerational households—those composed of three or more generations under one roof—are Canada’s fastest-growing type of household. From 2001 to 2021, they increased by 50%, according to numbers from the 2021 census. Factors contributing to this remarkable spike include bloated housing costs, a tight real estate market, rising interest rates and an aging population. For Canadians with aging parents or other relatives who require care, establishing a multigenerational home can make a lot of sense, practically and financially. However, there are substantial costs associated with creating a secondary unit, and that’s where the new Multigenerational Home Renovation Tax Credit (MHRTC) comes in.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense…