It’s almost tax season, which can be stressful, but it doesn’t have to be. Here are some tax breaks to be aware of to make filing easier.
Homebuyers Tax Credit
The Canada Revenue Agency (CRA) allows first-time homebuyers to claim up to $10,000 in tax credits if their home qualifies. Properties that qualify are single-family houses, semi-detached houses, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings. Owners must occupy the homes within a year of the purchase. For those who purchased homes before 2021, CRA will allow a claim of $5,000.
Moving Expenses
Individuals who moved to be closer to work or school in the last year can claim some of the moving costs on their tax returns. This can also apply to workers and students who moved to Canada in the past year. Expenses the CRA allows for claims include transportation, storage, vehicle expenses, meals, accommodation, utility hookups or disconnections, and incidental costs such as changing your driver’s licence address. Taxpayers can also claim some of the costs associated with selling and buying a new home such as advertising fees, legal fees, property taxes, insurance premiums, mortgage penalties, and real estate commissions.