CRA notes that building a secondary unit to access the multigenerational home renovation credit caused that portion of the building to no longer be the taxpayer’s principal residence
13 November 2024 - 12:25am
CRA noted that the construction of a secondary unit within the taxpayer’s home so as to qualify for the multigenerational home renovation tax credit would thereby preclude the taxpayer from treating the whole home as his or her principal residence. It further indicated that subsequently selling the secondary unit to the qualifying-relation occupants would not generally result in loss of the credit.
Neal Armstrong. Summaries of 10 October 2024 APFF Financial Strategies & Instruments Roundtable, Q.9 under s. 122.92(1) – qualifying relation, s. 252(2)(g), s. 54 – principal residence, and s. 122.92(1) – eligible individual.