It could be very overwhelming to think about all the taxes that you could claim, especially if you are a homeowner who either bought a first home or renovated a home in 2009. April 30, 2010 is the 2010 Tax Deadline for personal income tax filing for the 2009 tax year. Take the time now to become aware of the benefits that you could claim because according to a recent survey by H&R block, too many Canadians miss out on their deserved tax credits.
Federal and provincial governments new tax credit incentives were designed to encourage you to help you renovate your home or buy a new one, but don’t be naïve in thinking that Revenue Canada will remind you or call you if you forgot to add in those benefits on your return. They won’t. It’s up to you to be informed!
What do you need to do?
January 27, 2009 is the magic date to remember.
If you were a first time buyer in 2009, and purchased your home after January 27, you qualify for a tax credit worth $750 if you had not owned any other dwelling after the year 2004. There are exceptions to this, but generally for first time buyers that is the hard and fast rule. Again, if you bought a form, you should submit the following tax form in order to get your refund. It is called the Ontario Land Transfer Tax Refund Affidavit for First-Time Purchasers of Eligible Homes: http://www.rev.gov.on.ca/en/forms/ltt/pdf/0300.pdf Give this to your accountant, or if you do your taxes yourself, be sure to fill it out properly and submit it with your return.
If you did any renovation work on your house after the date of January 27, 2009 and you spent more than $1000, then you can also qualify for a tax credit for up to as much as 15% back, which for $2000 would be $150 credit… the first $1000 doesn’t actually qualify. The maximum amount that would qualify is $10000 of renovation costs, which would give you $1350.00 in tax credits. You really need to find all of your receipts for the work that you have done on your house. If you fixed your roof, painted your house, or hired someone to fix your plumbing, then gather all of these amounts together, as these are all examples of money you would get tax credits for!
Earlier I mentioned the possibility of you completing your own tax returns. If you do in fact do your own returns, I would suggest you looking into a fantastic tax program that can help you do your taxes completely and easily. I have been using it for years. The program is called QuickTax, and it walks you step by step through the entire process of filling out and filing your taxes. Best of all I could file my taxes right away online and would receive my credit within 10 days of filing! Click http://quicktax.intuit.ca/tax-software/index.jsp to learn more.
Victoria Carter and Kirk Rickman Sales Representatives of Century 21 Percy Fulton Ltd., Brokerage. www.TwoMoveYou.com 416-298-8200.