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?
- Last Updated:
- Feb 21st, 2021 9:53 am
Tags:
- SCORE-1
- Palidino [OP]
- Deal Addict
- Feb 17, 2012
- 1398 posts
- 299 upvotes
- ORLEANS
4 replies
- Electrah
- Deal Addict
- Jun 18, 2018
- 1327 posts
- 819 upvotes
- Toronto
House bills are not tax deductible unless you are renting it out. What you're probably referring to is OEPTC which is more for low- to moderate-income Ontario residents
- tew
- Deal Addict
-
- Jun 13, 2010
- 3085 posts
- 3036 upvotes
- GTA
- catsoncoffee
- Member
- Apr 16, 2015
- 203 posts
- 285 upvotes
Expenses relating to your home (property tax, utilities, insurance, etc.) are not generally tax deductible, but there are some exceptions:
- if they count as business expenses (i.e. renting out the property or using a home office for self-employment)
- certain provincial credits or benefits such as the OEPTC in Ontario for low-middle income taxpayers (https://www.canada.ca/en/revenue-agency ... tario.html)
- home office for employment in very limited cases (expanded somewhat during COVID)
- if they count as business expenses (i.e. renting out the property or using a home office for self-employment)
- certain provincial credits or benefits such as the OEPTC in Ontario for low-middle income taxpayers (https://www.canada.ca/en/revenue-agency ... tario.html)
- home office for employment in very limited cases (expanded somewhat during COVID)
- Deepwater
- Deal Addict
-
- Feb 1, 2012
- 1467 posts
- 2045 upvotes
- Thunder Bay, ON
When preparing your taxes, in Ontario Tax Credits you apply for the Trillium Benefit, which consists of Ontario Sales Tax Credit, Ontario Energy and Property Tax Credit, and, if you live in Northern Ontario the Northern Ontario Energy Credit. Then you add a declaration for Property Tax Paid. All of this will factor into a calculation for the Ontario Trillium Benefit.
If you are over 65 you can also apply for the Ontario Senior Homeowners' Property Tax Grant, also under Ontario Tax Credits. Seniors may also apply for Home Accessibility Expenses for expenditures to make a home more accessible, which is under Medical Expenses.
For low income people and seniors there may be credits available for property tax, water and electricity, but those get applied for at the municipal level, not on you income tax.
If you are over 65 you can also apply for the Ontario Senior Homeowners' Property Tax Grant, also under Ontario Tax Credits. Seniors may also apply for Home Accessibility Expenses for expenditures to make a home more accessible, which is under Medical Expenses.
For low income people and seniors there may be credits available for property tax, water and electricity, but those get applied for at the municipal level, not on you income tax.
I solemnly swear, to never assume I have an inkling at which direction the market will head, and to never make any investments based on a timing strategy.