Episode 008 The Jennifer Palozzi Show
Click below for the full episode:
The one where we talk savings with the Multi-Generational Home Renovation Tax Credit!
Jennifer Palozzi dives into the intricacies of the Multi Generational Home Renovation Tax Credit (MHRTC). A government incentive from the 2022 budget designed to help families create more accommodating spaces for seniors or adults who qualify for the disability tax credit. Jennifer offers an insightful guide on who qualifies for this 15% refundable credit on renovation expenses up to $50,000. Aimed at constructing secondary living units complete with kitchens, bathrooms, and private entrances.
She provides practical scenarios and advice on how to maximize this credit, highlighting the importance of maintaining independence for loved ones while promoting multi-generational living under one roof. The episode stresses consulting with tax professionals to ensure all renovations qualify and the importance of this tax credit in fostering family togetherness and security.
00:00 Welcome to the Jennifer Palozzi Show: Unveiling the MHRTC
02:05 Who Qualifies and How to Benefit
04:14 The details of Qualifying Renovations
05:43 The Bigger Picture: Beyond Tax Credits
06:13 Wrapping Up: Key Takeaways on MHRTC
Episode Resources:
- Say hello over on Instagram @Jenniferpalozzi
- Connect with Jennifer HERE
- Check out the link for all the details on the MHRTC HERE
Podcast Transcripts:
Check out the episode transcript link HERE.
