It’s that time of year when we are compiling our receipts and updating our spreadsheets to file taxes for 2019.  As a homeowner, here are some deductions and expenses you should be discussing with your accountant.

HOME BUYERS TAX CREDIT

You can claim $5,000 for the purchase of a qualifying home in the year if both of the following apply: you or your spouse or common-law partner acquired a qualifying home, and you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer).  The credit is also available for homes acquired by individuals who are eligible for the disability tax credit (DTC), or by an individual for the benefit of a DTC-eligible relative, if the home is acquired to enable the individual to live in a more accessible dwelling.

GST/HST NEW HOUSING REBATE

The GST/HST new housing rebate allows an individual to recover some of the goods and services tax (GST) or the federal part of the harmonized sales tax (HST) paid for a new or substantially renovated house that is for use as the individual’s, or their relation’s, primary place of residence, when all of the other conditions are met.

The new housing rebate is not available to a corporation or a partnership.

RENTAL INCOME

Reasonable expenses you incur to earn rental income such as advertising, insurance, professional expenses (legal and accounting fees), property taxes, repairs and maintenance, travel are deductible.

HOME BUYERS PLAN 

Did you withdraw RRSPs under the Home Buyers’ Plan? Make sure you know when and how much to repay.

MOVING EXPENSES

Generally, you can claim moving expenses you paid in the year if both of the following apply: you moved to work or to run a business, or you moved to study courses as a full-time student enrolled in a post-secondary program at a university, a college, or another educational institution; and, you moved at least 40 kilometres closer to your new work or school.

HOME ACCESSIBILITY EXPENSES

A maximum of $10,000 per year in eligible expenses can be claimed for a qualifying individual for expenses such as building materials, fixtures, equipment rentals, building plans and permits that allow the qualifying individual to gain access to, or to be mobile or functional within, the dwelling; or reduce the risk of harm to the qualifying individual within the dwelling or in gaining access to the dwelling.

Please seek professional tax advice from an accountant, or visit Government of Canada Homeowners page for more details.