If you’re completing custom renovations on your home this year, you may be eligible for tax credits. These credits, which can significantly reduce your tax burden, don’t apply to all home renovations. However, you might qualify if you’ve made improvements that enhance accessibility or improve energy efficiency.
Eligible Custom Renovation Tax Credits for Albertans
Every province differs when it comes to tax credits for custom renovations. While some provinces are more generous than others, Albertans do qualify for several tax credits when renovations meet eligibility requirements.
Home Renovation Tax Credit (HRTC)
The HRTC is available to homeowners who conduct renovations that improve energy efficiency. If your custom renovation includes upgraded windows and doors, added insulation, solar panels, or upgrades to your HVAC system, you could be eligible for a tax credit of up to $10,000.
Multigenerational Home Renovation Tax Credit (MHRTC)
The MHRTC is a refundable tax credit of up to $50,000 that’s available to those making custom renovations to include more space or accommodations for family members aged 65 and older when moving in with younger family members. In most cases, this credit is applied when adding a secondary unit or expanding space in the primary home.
Refine Your Legacy with Riverview Custom Homes
Upgrade your lifestyle with awe-inspiring custom renovations from Riverview Custom Homes. Our team of award-winning designers and architects can help you plan and design comprehensive renovations that improve efficiency, create space for additional family members, or add function and luxury to your home.
Connect with us today and find out how we build wow with luxurious custom renovations.