Filing income tax, first time home owner

[mirek]

This is the first time I'm filing as a home owner, are there any tax deductions for being a home owner? Paying property tax? etc?

[Chigu]

If u are a homeowner, you may be eligible for the property tax credit on your ontario return. However this depends on your income. If you are making over 50-60k, I don't think you can claim this credit. Not sure what the exact rate is. But when you are doing your taxes, put it in, and the software will automatically calculate if you are eligible for it; if not it will put it as 0.

[Jucius Maximus]

This is the first time I'm filing as a home owner, are there any tax deductions for being a home owner? Paying property tax? etc?

Aside from the property tax credit, you might be able to claim moving expenses if certain conditions apply. Look up the T1-M form and take a look.

Note that you CANNOT claim legal & notarial fees unless you sold a home AND bought another home that you moved into, and satisfy certain other conditions.

[noname]

This is the first time I'm filing as a home owner, are there any tax deductions for being a home owner? Paying property tax? etc?

if you live in BC, you can't claim squat as a homeowner except if you run a business out of your home

[mirek]

if you live in BC, you can't claim squat as a homeowner except if you run a business out of your home

Thanks!