1. First home? Cash in!
First-time home buyers acquiring their house in Canada after January 27, 2009 could be eligible for a home buyers’ tax credit (HBTC) of up to $750. The HBTC is a non-refundable tax credit, based on a $5,000 amount. Visit the CRA web site for up-to-date information about the credit here.
2. A housewarming gift
f you bought a new home that’s worth less than $450,000, or if you’ve made extensive renovations to your home, you might be eligible for an HST tax rebate. It’s also available to you if your home was rebuilt after a fire, or if you bought a new mobile, modular or floating home. The provincial rebate has been in effect since July 1, 2010 to help offset the 13% HST rate. A rebate is also available to those who have purchased or made extensive renovations to a rental property.
3. Sell your electricity
It’s not often that the Ontario government pays you, but that’s exactly what can happen if you install a solar system on your home. The feed-in tariff and microFIT programs enable property owners to produce and sell solar electricity to the government for the next 20 years. For more information, and someone who can help you determine what will benefit your family the most, visit Sun Flow Solar.
4. No commute means more benefits
If you work from home, either as a self-employed person or commissioned employee, you are able to deduct expenses including heating, electricity and even cleaning materials for your home office space. For a full list of eligible deductions, visit the CRA site here.
5. Safe space for Mom and Dad
Check out the Healthy Homes renovation tax credit for yourself if you are supporting a senior in your household, or pass along the news to your parents that they might be able to claim up to $10,000 of home improvements for up to $1,500 back. Income doesn’t matter, but age does – you must be 65 or older to claim the credit, or be living with a family member who is a senior. Renovation work that qualifies should make a home more accessible. More information is available here.