More GTA families are choosing to live together: a parent moving into a basement suite, a garden suite in the backyard, or the whole family buying one larger house together. It can be wonderful. It works best when the details are agreed in writing first.
Decide these things before anyone moves
- Whose name is on title, and in what form. See Adding Children to Title.
- Who pays what: the purchase, the mortgage, taxes, utilities, repairs
- What happens if it doesn’t work out, or if the parent later needs long-term care
- How the home is treated in each person’s will, especially if there are other children
Renovating for a parent
Creating a separate suite for a parent aged 65 or older may qualify for the federal Multigenerational Home Renovation Tax Credit. See Accessibility and Renovation Tax Credits. Check zoning and permits with your municipality before building; Toronto and many GTA cities now allow secondary suites and garden suites in more neighbourhoods.
Get independent legal advice. When a parent puts money into a child’s home, a lawyer for each side protects the relationship as much as the money.