Monday, March 7, 2016

The tax benefits of home ownership

Now that February is over, all those tax-related documents have likely started arriving in your mailbox. Whether you’re socking them away to use at a later date, or hoping to put them to work this weekend, there are a number of housing-related deductions and credits you should keep in mind as you go through the tax filing process. Pay particular attention if:

You’re a first-time homebuyer
Anyone who has purchased a home for the first time can claim a non-refundable tax credit of up to $750.

You’ve made your home more accessible
If you have mobility impairments and spent money making your home more accessible in the last year, you’re eligible to claim those renovation expenses under the medical expenses deductions.

You bought a new house
If you bought a new build for under $450,000, you may be eligible to claim the GST/HST new housing rebate—provided it’s your principal residence.

You own a rental property
The downside to owning a rental property is that you have to claim your rental income as, well, income. The upside is that you can claim many expenses that go into maintaining a rental property—such as advertising costs, insurance and mortgage interest.

You work from home
Whether you are self-employed, or a commissioned or professional employee who works from home, you can claim a portion of your home office expenses—such as heating, home insurance, electricity and mortgage insurance.

While your accountant or bookkeeper is likely the best person to ask about other household deductions, I can definitely help with any mortgage-related queries you might have! So whether you’re looking to renew, refinance or simply want to chat, don’t hesitate to drop me a line!


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