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Just in time for tax season, Protégez-vous magazine published an article with the main tax credits and deductions available for homeowners.
These credits and deductions apply to buying or selling a property, renovations and rental income.
Christian Menier, Tax Partner at Raymond Chabot Grant Thornton, contributed to the article with useful advice and reminded new homeowners of the importance of submitting claims or notifying their accountant about their new status.
“As surprising as it may seem, some clients forget to let us know they’ve become homeowners. We only notice the change because they’ve changed their address.”
Christian explains that there are two interesting measures for new owners: the federal home buyers’ amount and, since 2018, the Quebec first-time home buyers’ credit. Terms of eligibility are similar to those of the Home Buyers’ Plan (HBP), that is, you did not own a home in the previous four years.
He goes on to say that these tax measures help cover some of the costs associated with buying a home: transfer fees (welcome tax), inspection, notary, moving, etc.
Read the article in Protégez-vous (for subscribers only).
For assistance in completing your tax returns, consult the online Tax Planning Guide.
To get the help of a professional, use our taxo.ca service, an online accounting service for individuals that is available all year long. You can quickly enter your data, at any time, and let our professional handle the calculations for you.
Remember that the tax filing deadline is April 30, 2019.