2016 is flying by already, and here comes Tax Time just around the corner. So, some tips ...
According to a recent survey, 42% of Canadians are hesitant to talk about the value of their homes. What’s even more incredible is that 34% of Canadians think it’s impolite to talk about money. When it comes to tax deductions, however, Canadian homeowners are all willing to speak up.
When it comes to tax time, most of us cringe at the thought of handing even more money over to the government, but rejoice, Canadian homeowners, because there are several home tax deductions that you can claim.
Tax deduction #1
First-time home buyer
Tax deduction #2
Renovations for medical reasons
Tax deduction #3
New home rebate
Tax deduction #4
The Home Buyer’s Plan
Tax deduction #5
Allowable expenses for rentals
Tax deduction #6
Working from home
Tax deduction #7
Selling your home
Other tax deductions for Canadian homeowners
There exist other tax deductions that are available on a province by province basis, such as builders in Ontario and B.C. being able to recover the HST on the lumber and materials purchased to build or renovate a home, or the Manitoba homeowner’s home tax credits.
Inquire about all the tax deductions available to you and you may be surprised at how much money you can recover just by being a homeowner.