Are You Getting All The Credit You Deserve? It's Income Tax Time, Take A Look!

It's Income Tax time again, but did you know that there are a number of home ownership/home buyer related credits that you may be eligible for when preparing your Income Tax Return?

The Canada Revenue Agency recognizes credits for things like, First Time Home Buyer'swhere you can get a rebate of $750 if you are a first time home buyer OR if you have not owned a home in the past 4 years!  Line 369 on your return.

Do you have a rental unit within your dwelling?  There are tons of expenses that are claimable including mortgage costs, utilities and renovation or improvement costs!  Don't miss out on eligible expenses if you have a tenant! Line 126/Net and Line 160/Gross Rental Income.

Did you Sell your home for your job?  Are you self employed and moved to improve your business?  You may be eligible to claim things like real estate commission, moving expenses, legal fees and more!

Seniors are you getting your Property Tax Credit?  YES!  If you are a senior homeowner you may be eligible for an annual credit on your property taxes!

Were improvements made for Home Accessibility?  If someone in your home required updates to improve Accessibility you may be eligible to receive a credit for some of these costs!  Line 398 on your return.

Bought a brand new home?  Check out any eligible GST/HST New Housing Rebate opportunities!

and of course, if you are trying to buy a home don't forget that the Home Buyer's Planallows you to use up to $25,000 of your RRSPs towards the purchase of an eligible home!  Get into home ownership faster by using the investment you've already saved!

Interested in finding out if you may qualify for any of these or to search for more information on other income tax related 

tems?  Click on the link below and visit the Canada Revenue Agency website today!

https://www.canada.ca/en/revenue-agency/services/tax/individuals/segments/homeowners.html

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Keeley Ward

Keeley Ward

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CENTURY 21 Infinity Realty Inc., Brokerage*
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