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Tax Tips For Homeowners - By Clarion Home Inspections
by rpoole on Mar 27, 2011
Tax Deductions and Credits for Homeowners
By Raul Poole – Clarion Home Inspections
Many taxpayers overpay their taxes simply because they fail to claim some of the common deductions and credits to which they are entitled. As a homeowner, there are several deductions and credits you can claim.
Check this list before you submit your next return. It represents the most frequently overlooked tax breaks available to typical working Canadians.
First-time home buyer's tax credit
If you are buying a home for the first time, you can claim a non-refundable tax credit of up to $750. This new non-refundable tax credit is based on a percentage of $5,000. You or your spouse or common-law partner can claim the home buyer's tax credit.
GST/HST tax rebate (new housing rebate)
If you buy a new home as your principal residence, and if it cost less than $450,000, you may be able to claim the GST/HST new housing rebate. Ontario...Read More >>
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