If you’re considering tapping Canada’s Multigenerational Home Renovation Tax Credit to create a multigenerational household, think beyond the physical space.
Discussing everyone’s needs and expectations in advance can make the living arrangement more fulfilling for each family member.
Generations United, which conducted the study Family Matters: Multigenerational Living Is on the Rise and Here to Stay, offers ten tips on making such living arrangements successful.
They include:
1. Build relationships through shared activities across the generations, including learning together, cooking, and sharing stories and your family’s cultural history.
2. Create realistic expectations about time spent together, responsibilities, and the compromises and sacrifices everyone will make.
3. Find ways for every household member to have time and space for themselves.
4. Discuss finances, including a budget, and how to divide expenses.