Question re taxes and a first time buyer

Not a lot. There's a first time home buyer's credit that he should claim (assuming he qualifies). And there's a section to fill in for how much property tax you paid. That's about it from what I remember.

Thanks Joe.

I did some reading online and came across this on the turbotax site. How would this apply to them? I know that they took out a mortgage and again this is a primary residence with no income.

The following can be eligible for a tax deduction:

The mortgage interest on your primary residence, as well as on a second residence. (There are limits, but relatively few taxpayers are affected.)
The interest on up to $100,000 borrowed on a home equity loan or home equity line of credit, regardless of the reason for the loan.

boneca wrote: ↑ Thanks Joe.

I did some reading online and came across this on the turbotax site. How would this apply to them? I know that they took out a mortgage and again this is a primary residence with no income.

The following can be eligible for a tax deduction:

The mortgage interest on your primary residence, as well as on a second residence. (There are limits, but relatively few taxpayers are affected.)
The interest on up to $100,000 borrowed on a home equity loan or home equity line of credit, regardless of the reason for the loan.

https://loanscanada.ca/mortgage/is-the- ... in-canada/


Bought a home last year. As far as I know theres only the $500 tax credit for buying a new home (assuming qualifications are met).

The first time home buyers credit (not to be confused with the RRSP first time home buyers ... whatever) is a credit of $2,500, which gives back $750 (since it's 15%). It can be split between all the homeowners.

boneca wrote: ↑ Thanks Joe.

I did some reading online and came across this on the turbotax site. How would this apply to them? I know that they took out a mortgage and again this is a primary residence with no income.

The following can be eligible for a tax deduction:

The mortgage interest on your primary residence, as well as on a second residence. (There are limits, but relatively few taxpayers are affected.)
The interest on up to $100,000 borrowed on a home equity loan or home equity line of credit, regardless of the reason for the loan.

Mortgage interest is not normally deductible in Canada. It is in the US. You can only claim this sort of thing in Canada for the purpose of earning income. You can claim that HELOC interest if you are using that money to invest, but not "just because". I wonder if you're reading the US version of the website. Please post the link.

Thanks for this the reply. Here is another link I just found but I seems that it can only be done if you are earning income on the property.

https://www.google.ca/amp/s/turbotax.in ... n-5213/amp