Links to savings, credits & other useful information

First time Home Buyers Tax Credit video

Here is a short and sweet video about the first time buyers tax credit and how others may also qualify.

More homeowner and buyer tax savings

Also see News for recent articles and links.

Child and family benefits calculators

 

Tax savings are great, but they're even better when we know about them and can take advantage, so please share with your family and friends.

To estimate payments to which you may be entitled, you can use our calculators. Calculations are based on the information you enter in the calculator fields. You may be eligible for payments for the following:

  • Canada child tax benefit (CCTB) - includes related provincial and territorial benefits
  • Goods and services tax/harmonized sales tax (GSTC/HST) credit - includes related provincial credits
  • Working income tax benefit (WITB)
  • Ontario senior homeowners' property tax grant (OSHPTG)
  • Ontario trillium benefit (OTB) - includes Ontario sales tax credit, Ontario energy and property tax credit and Northern Ontario energy credit

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Tax savings on your real estate purchase, sale and fees

Did you know you can move closer to work and save on taxes and other costs as well?

 

Is the two-hour commute keeping you from accepting that job offer with a new company? Would you consider moving closer if you knew that many of the costs of relocating may be tax-deductible?

 

“Providing you move at least 40 kilometres closer to start a new job or go to school, some of the biggest costs of relocating can deducted for income-tax purposes,” explains Edward J. Barker, CPA, CA, a Chartered Accountant in Owen Sound, Ontario.

 

“The realtor’s commission, legal fees, bank fees, temporary living quarters and even the cost of hooking up your utilities in the new place are all valid deductions that many people overlook,” says Barker. “What you can’t deduct are the expenses you incurred to get the old house ready for sale, like a new roof or windows. Nor can you deduct the upgrades you must leave behind, like draperies or a tool shed.”

 

But if you have to leave the old house vacant for a period of time while you’re trying to sell it, the maintenance costs—from heat and insurance to clearing the driveway or cutting the lawn—are all tax deductible.

 

If your new employer reimburses some of your moving costs, you may be able to deduct some others that the company plan doesn’t cover. Or, if the reimbursement is included as part of your income and given to you as part of your pay cheque, there’s a good chance the full amount to cover your moving costs is deductible.

 

“Much of the same applies to students moving for school,” Barker says. “Deductions must be at least $100, and can be applied to those parts of scholarships, bursaries and grants that count as part of your income. Or, use them to reduce other kinds of income, such as that from part-time employment. You can even deduct the costs of moving back home for a summer job. If you don’t have enough income to claim the expenses now, carry them forward to a future year when you do have enough income to make them worthwhile.”

 

Ontario Senior Homeowners' Property Tax Grant

Learn more about this tax savings and please share with other seniors. It all adds up!  

Ontario Energy and Property Tax Credit

The Ontario Energy and Property Tax Credit helps low- to moderate-income individuals 18 years of age and older, and families, with the sales tax they pay on energy and with property taxes.

If you pay rent or property tax, you could get up to $963. If you are a senior, you could get up to $1,097.

Learn more in the link below

Ontario Tax Credit for Seniors

Learn more about the Healthy Homes Renovations Tax Credit and please share with other seniors.

Be home smart - a video by CMHC

CMHC or the Canadian Housing and Mortgage Corporation is a great consumer resource

Canada Housing and Mortgage Corporation - CMHC

Much of  what you need to know is right here on CMHC's website. Let me know anytime if I can offer any additional assistance with your questions.

RECO helps home buyers and sellers. Get informed before you buy.


RECO - the Real Estate Council of Ontario is a great consumer resource

Do you know what you're buying? A video by RECO


Is your home a former grow op? A video by RECO


Ontario Trillium Benefit Questions and Answers

1. What is the Ontario trillium benefit (OTB)?
The OTB is the combined payment of the Ontario energy and property tax credit, the Northern Ontario energy credit, and the Ontario sales tax credit. The annual OTB entitlement is divided by 12 and payments are issued on the 10th of each month. The 2013 OTB payments, which are based on your 2012 income tax and benefit return, will be issued monthly from July 2013 to June 2014 (see question 10 for the one exception). Monthly payments better align the timing of the payments with the expenses that people face.

2 Am I eligible to get the OTB?
You must meet the eligibility criteria and be entitled to receive a payment for at least one of the following credits to get the OTB: the Ontario energy and property tax credit, the Northern Ontario energy credit, and the Ontario sales tax credit.

3. Will I get the OTB if I am qualified for only one or two of the three components of the OTB?
Yes. You only have to be entitled to one of the credits to get an OTB payment.