filing taxes, first year home owner
What house bills are tax deductible? i know property tax, enbridge, hydro, city water. is there anything else? what about home insurance?
Feb 20th, 2021 10:05 pm
Feb 20th, 2021 10:12 pm
Feb 20th, 2021 10:15 pm
Feb 21st, 2021 9:16 am
Feb 21st, 2021 9:53 am
Feb 7th, 2022 8:00 pm
Feb 7th, 2022 8:18 pm
Have you always lived in your old house before you sold it? If so, then it's considered principal residence and no taxes are required to be paid on the sale. You do have to designate the sold house though, see information on CRA website: https://www.canada.ca/en/revenue-agency ... state.html
Feb 7th, 2022 8:52 pm
It sounds like you are in for a surprise. In general, none of those things are deductible in Canada when paying your taxes. Unless, you have a very low income and/or are a senior and can take advantage of certain Ontario government programs that others have mentioned, for tax and energy costs. But if you have enough money to pay a mortgage you are unlikely to be in that category.
Feb 7th, 2022 11:51 pm
I don't know about other provinces, but in Ontario gas, hydro, water and other utilities are not deductions unless you are running a business from your house, and even then you can only use a % which is equal to how much of your space is devoted to the business. In general, homes have little impact on income tax, which makes sense since you also don't pay capital gains tax on your principal residence (hence, there's no "income" to deduct against your "expenses").
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