Personal Finance

filing taxes, first year home owner

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  • Feb 21st, 2021 9:53 am
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Deal Addict
Feb 17, 2012
1398 posts
299 upvotes
ORLEANS

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?
4 replies
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
Deal Addict
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Jun 13, 2010
3085 posts
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GTA
Palidino wrote: What house bills are tax deductible? i know property tax, enbridge, hydro, city water. is there anything else? what about home insurance?
Yes to property tax but it doesn't lower your tax owed if you make over a certain income. No to utilities and home insurance for most people.
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)
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Feb 1, 2012
1467 posts
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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.
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