Back to: November 2019


Home Tax Deductions and Credits in Canada
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Canadian homeowners have several home tax deductions that they can claim but are frequently overlooked. Before you submit your tax return this year, check the following list. 

First-time home buyer’s tax credit
If you bought a home for the first time, you can claim a non-refundable tax credit of up to $750. This new non-refundable tax credit is based on a percentage of $5,000. You or your spouse or common-law partner can claim the home buyer’s tax credit.
 
Medical expenses tax credit
Persons with mobility impairments can claim renovation expenses to make their home more accessible under medical expenses deductions in Canada. The government provides an extensive list of eligible medical expenses as well as medical expenses that you cannot claim. 

GST/HST tax rebate (new housing rebate)
If you buy a new home as your principal residence, and if it’s less than $450,000, you may be able to claim the GST/HST new housing rebate too. Ontario and B.C. residents may also claim the provincial portion of the HST if they buy, build or do a major renovation on their principal residence. Other home tax deductions exist for homes that are built by the owner as well as for residential rental properties.
 
Home Buyer’s Plan
The Home Buyer’s Plan allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSP) to help with the purchase or construction of a home. Certain conditions apply. Submit a request by completing the T1036 tax form that is available.

Rental income
If you rent a property you own or that you have use of, use the T776 tax form to report the rental income and claim allowable expenses such as advertising, insurance and interest on the money you borrow to buy or improve the property. 

Work from home expenses
If you work from home, there are a number of expenses that you can deduct if you are either self-employed, a commissioned employee or a professional.  Examples of the type of expenses that you can claim include heating, home insurance, electricity and cleaning materials. 

Selling a home
Generally, the GST/HST does not apply when you sell your home, but there are cases where it does. For example, if you built the home, you may have to pay the GST/HST. If the home you sell is not your principal residence, you have to report the capital gains.  Also, there are a number of moving tax deductions available to you.

Provincial credits
Manitoba homeowners benefit from two other home tax credits: Education Property tax credit and the School Tax Credit for homeowners. In Ontario, homeowners can apply for the Ontario property tax credit and the Senior Homeowner’s Property tax credit. 

Childcare tax credit
In most cases, childcare expenses for an eligible child must be claimed by the parent with the lower net income for tax purposes.  If parents are separated and share custody, each parent may usually claim a portion of the childcare costs.  Where a medical doctor certifies in writing that the lower-income spouse is incapable of caring for the child due to physical or mental infirmity, the costs may be claimed by the higher income spouse.

Eligible childcare expenses include day-care centres and day nursery schools, some individuals providing childcare services, day camps and day sports schools, educational institutions such as private schools (the portion of tuition costs relating to childcare services), boarding schools, and overnight sports schools and camps.

For more information, please consult the CRA website
http://www.cra-arc.gc.ca

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With Compliments of

Michele Vyge-Fraser
Real Estate Agent/ Associate Broker/ CNE®


Red Door Realty
1314 Cathedral Lane
Chapter House
Halifax, Nova Scotia, B3H4S7
T: 902-830-6397
D: 902-830-6397
NovaScotiaRealEstate@gmail.com
www.RedDoorRealty.ca



NATIONAL MORTGAGE RATES
Term Posted
Rates*
Best
Rates*
6 Months 3.34% 3.30%
1 Year 3.59% 3.04%
2 Years 3.74% 2.89%
3 Years 3.89% 2.79%
4 Years 3.95% 2.95%
5 Years 5.34% 2.69%
7 Years 5.80% 2.99%
10 Years 6.10% 3.04%
Variable Rate 2.90%
Prime Rate ** 3.95%
*last updated: Feb 18,2020


https://www.reddoorrealty.ca

388 Robertson Road, Egerton/Merigomish, Pictou County!

Fabulous Ocean Views Property ~ a Must Sea :)

List Price $825,000

Have you been dreaming of Nova Scotia Pictou County Seaside Living less than 2 hours from the Halifax Airport? Imagine warm Northumberland Strait waters, uncrowded sandy beaches, fabulous boating, easy fishing, and a beautiful move-in ready 3-level seaside year-round home or seasonal luxury getaway with almost 360 degrees of gorgeous ocean views, deeded water access, and boat mooring! Located in an established Egerton private community, this property offers 3 great bedrooms, bathrooms on each level, vaulted ceilings great room, a private family room, and office space with excellent internet, gorgeous landscaping and gardens, sunrise, sunset, cocktails, and coffee decks, outdoor private dining gazebo, 2 car detached heated garage with workshop, cedar lined garden shed... all this and more plus the fishing boat, 2 kayaks and ride on lawn mower can be included! Bonus... Melmerby and Big Island Beaches are close by too! This area is truly one of Nova Scotia's best-kept secrets because these opportunities are rare. MLS 202314229

 

27 Kingsmere Court, Timberlea

List Price $599,000

Close to the golfing, skating, cross country skiing and walking trail amenities in Brunello Estates plus St Margaret Bay beaches and boating, this beautiful large home huge fenced in property has been family owned since 1981. And the exceptional location is on a wonderful cul-de-sac in a great Timberlea neighbourhood! Perfect for growing families, this family home is bright and cheerful and includes an eat-in kitchen, separate dining room, large living room, spacious family room, 4 bedrooms, 2 full baths, lots of storage and an attached garage. 27 Kingsmere Court is also perfectly located at the top of the circle. The home and property have been exceptionally well cared for over the years with many recent updates. Pride of ownership, great curb appeal, amazing lifestyle and a happy home. Definitely a must see! Quick closing available. MLS 202323649

Halifax Mortgage Specialist Bruce Lusby 

(902) 210-0515

http://mortgageweb.ca/BruceLusby

Halifax, Nova Scotia - updated Oct 6, 2015

Variable:

5yr @ Prime - .65% (2.05%)

HELOC @ Prime +.25% (2.95%)

Fixed:
1yr 2.29%
2yr 2.09%
3yr 2.24%
4yr 2.54%
5yr 2.54%
6yr 3.39%
7yr 3.44%
10yr 3.84%

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The material in this publication is provided for your informational purpose only and is not intended to substitute professional advice. If your property is currently listed with a Real Estate Broker, this publication is not intended as a solicitation.