Discussions

Hello Everyone  
When filling tax return, do you claim tax return on your property like House?  
I know you can claim tax return on rent house or apartment.  
I moved to my house last summer so I have being paying mortgage and property tax.  
So can i have claim tax return on my Mortgage?  
Thanks

I could be wrong but I do believe first time home buyers do get some type of a credit. If you are truly unsure though, I would recommend calling around and maybe seeing an accountant

unless things have changed in the last 2 months you can indeed use the first year of new home ownership on your taxes. if youre going somewhere to get them done i recommend ruth at h&R shes a seasoned tax preparer and specializes in businesses and truckers so shes at a level 5 i believe.

You get your property tax credit (same as what you get back for renting) on your property tax bill, not your income taxes.  
 
You will get a first time home buyers tax credit ($750 I believe) for buying a home in 2016.  
 
If you don't know the answers to these questions that's a good indication that you should not be doing your own taxes.

Not everyone receives their credit on their property taxes. If you haven't applied for it, then you file to receive it on ur income taxes.  
Also, depending on your living situation before purchasing your house (if u were a renter) u will be able to claim both rent and the home buyers credit.

claim interest on mortgage,,,,and rebate of $700.00 on taxes of property

have a nice day said "claim interest on mortgage,,,,and rebate of $700.00 on taxes of property "

how do I claim interest on my mortgage?  
thanks

G-Money said "    have a nice day said "claim interest on mortgage,,,,and rebate of $700.00 on taxes of property " how do I claim interest on my mortgage?   thanks "

You CANNOT claim the interest on your mortgage unless it's a rental property. Like I said before. Please get an accountant to do your taxes at least for this year and have them explain everything to you.  
 
If you didn't see your education rebate on your property tax bill, yes you can apply for it through your taxes. You only have to do this once and then it'll be fixed for the next year.

If u are a first time homeowner u get a 5000 federal tax credit, look on ur property tax bill if there is an education property tax credits then u don't qualify for the rebate but if ur unsure and ur home is in Brandon we can look it up for u at H&R and Ruth is amazing she's a very knowledgeable woman.

G-Money said "    have a nice day said "claim interest on mortgage,,,,and rebate of $700.00 on taxes of property " how do I claim interest on my mortgage?   thanks "

Please be careful taking tax advice from eBrandon. No offence intended but many of the posts are giving you incorrect information. As a couple posters have mentioned if you are unsure it is best to get a professional to do it for you. First off, unless you are running a business out of your home you CANNOT claim mortgage payments on your tax return. Even if you are running a business out of your home you can still only claim a percentage of the mortgage interest only based on the floor space used exclusively by the business (office in home expense). If this is not the case or if you do not rent out space in your home you can''t claim any mortgage interest or principal.  
 
There is a first time home buyers credit available to claim on line 369 of your tax return of up to %5,000. Here is a link to the appropriate page on CRA''s website that details how to claim it: http://www.cra-arc.gc.ca/hbtc/  
 
Finally, as has been mentioned the property tax credit likely came off your property taxes and if so you can''t claim it again on your tax return. Check your property tax bill or go to the City of Brandon website: http://gis.brandon.ca/flex/PropertySearch.html# hopefully that link will work. Enter your address and the property tax information for 2015 and 2016 should be available in a pop up box. If you received the $700 credit it will show here and you can''t claim it. If you didn''t you can claim the credit on your Manitoba tax credits.  
 
Edited by midge, 2017-03-10 10:05:43