income tax and recent condo purchase

[van_ulty_man]

Hi

what, if any, income tax deductions are available to some that has recently purchased a condo?

Any tax implications I should watch out for?

thanks in advance.

[ramoose]

Hi

what, if any, income tax deductions are available to some that has recently purchased a condo?

Any tax implications I should watch out for?

thanks in advance.

Are you renting it out if so all costs are allowed to offset income.
Do you run a business then if you have an office in the unit then you may write off any expenses related to the unit. Example using 25% for office then you are allowed 25% of the expenses.

[GeneralCho]

There shouldn't be any tax implication if your new condo is for personal use only. If it is your first property purchase, you might want to check out Home Buyers' Plan. Here is a brief summary explaining it:

The Home Buyer's Plan allows first-time home buyers to withdraw up to $20,000 of their RRSP funds on a tax-free basis to purchase a home or an interest in a home. Amounts withdrawn under the HBP are repayable in instalments over a period of 15 years. Where a scheduled repayment for a year is not made, it is added to the participant's income for the year.

[charliebrown]

Did you move more than 40km closer to your job?

if so, moving related costs will be deductible.
http://www.cra-arc.gc.ca/tax/individuals/topics/income-tax/return/completing/deductions/lines206-236/219/who-e.html

[van_ulty_man]

no home office, not that much closer.

thanks for the input.

cheers