Owning a home is a major achievement—but it definitely comes with expenses as you build equity. The good news? The Government of Canada offers several tax credits and benefits that can help put extra cash back in your pocket and make maintaining your dream home a little easier.
With the cost-of-living crisis affecting so many Canadians—rising food prices, high housing costs, and more—homeowners especially are feeling the financial pressure. That’s why it’s important to take advantage of every benefit available to you.
Here are six tax credits and benefits Canadian homeowners should know about, according to the CRA and other financial institutions:
Multigenerational Home Renovation Tax Credit (MHRTC)
Thinking about creating a secondary suite for a family member—like a basement apartment for your parents? This refundable credit can help.
You can claim up to $50,000 in eligible renovation expenses, and receive 15% back (up to $7,500) for each qualifying project.
Home Accessibility Tax Credit (HATC)
This non-refundable credit supports home renovations that improve accessibility or mobility for qualifying individuals.
You can claim up to $20,000 in eligible expenses each year, giving you a maximum credit of $3,000.
A qualifying individual is someone who:
• Is eligible for the Disability Tax Credit (DTC), or
• Is 65+ by the end of the tax year.
Moving for Work? You May Get Tax Deductions
If you moved at least 40 km closer to a new job last year, you may be able to deduct all moving-related costs.
That includes flights, movers, real estate fees, temporary housing, and even breaking a lease or mortgage. It adds up quickly—so don’t miss out!
Work-From-Home & Self-Employment Tax Credits
If you run your own business and work from home, you can claim business-use-of-home expenses, plus eligible car travel costs (keep those records!).
Even if you're not self-employed but work remotely for your job, you may still be able to claim home-office expenses.