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The Canadian government is moving forward with the idea of additional tax credits for several important life events, including buying a first home, renovating a home that includes a multigenerational household, and having a baby through the use of surrogacy. The Department of Finance has created a draft of legislation that would add these measures to the 2022 budget. Tax credits are a part of that legislation, and could have big benefits for anyone considering surrogacy to start or grow their family.
The medical expense tax credit could be used for surrogacy and donor expenses if the draft legislation passes and is made law. It is illegal for would-be parents to pay donors and surrogates in Canada, but there are provisions for reimbursement of certain types of expenses. With the new legislation, the tax credit could be used on reimbursed expenses that are related to “surrogacy, donating sperm or ova, or maintenance and transport of an in vitro embryo.”
The change would apply to the 2022 tax year and beyond, so it would quickly be available for those who want to move forward with using a surrogate to expand their family. For people who want to be parents but need medical assistance with reproduction, being able to get a tax credit for some surrogacy expenses could increase their chances of affording a family and getting started on their dream of having children. Expenses for surrogacy can be high, and the tax credit may change the game for some families.
First-time home buyers would see a doubling of their tax credit to a maximum of $1,500. Those who already own homes and are trying to renovate them for adults with disabilities or senior family members could see a credit that covers 15% of renovation costs, up to $50,000 in renovations, beginning with the 2023 tax year. The legislation draft covering all three of these important issues is available for public comment through the end of September.
If you are considering growing your family through assisted reproductive technology, please contact us today. After a review of your needs, we will draft any requisite contracts, provide you with a thorough legal consultation to explain the contract terms, and finalize your parental rights, if necessary.