According to a recent survey conducted by ComFree-Harris Decima, 42% of Canadians are hesitant to talk about the value of their homes. What’s even more incredible is that 34% of Canadians think it’s impolite to talk about money. When it comes to tax deductions, however, Canadian homeowners are all willing to speak up.
When it comes to tax time, most of us cringe at the thought of handing even more money over to the government, but rejoice, Canadian homeowners, because there are several home tax deductions that you can claim.
Tax deductions for Canadian homeowners #1
First-time home buyer
If you are a first-time home buyer, you can claim a non-refundable tax credit to a maximum of $750. This non-refundable tax credit is based on a percentage of $5,000. So if this is your first foray into home ownership, then take advantage.
Tax deductions for Canadian homeowners #2
Renovations for medical reasons
Those with mobility issues who had renovations done to accommodate it can claim this as an expense that was required in order to make their home more accessible. Keep in mind, however, that medical expense reimbursement has to fall within a 12-month period ending in the current tax year.