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Are You Getting all the Tax Breaks You Can?

The RRSP deadline has come and gone and now everyone’s wondering about how they can get even more tax shelters when they hand in their income taxes (for those that haven’t done so already.) Here are some of the biggest tax breaks you can get, along with where to find more info about them.

Home Buyers’ Plan
This is a program that we’ve talked about extensively on this blog before. Individuals can pull up to $25,000 out of their RRSPs in order to help them buy their first home. Couples can withdraw as much as $50,000. To find out more about it, visit www.cra.gc.ca and enter ‘Home Buyers’ Plan’ in their search field.

GST New Home Rebate
If you’ve purchased a home less than $350,000 in the past year, you can apply to have some of the GST portion of it (5%) taken off your taxes.You can claim up to 36% of the GST, or a maximum of $6,300. Homes priced between $350,000 and $450,000 are still eligible for the rebate, but to a lesser extent. Homes that cost more than $450,000 are not eligible. Visit www.cra.gc.ca and type “RC4028″ in their search field.

First-Time Home Buyers Tax Credit
This is a credit provided by the federal government that is offered to qualified buyers purchasing detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation is a bit complicated, but if you want to learn more you can visit www.cra.gc.ca.

CMHC Residential Rehabilitation Assistance Program Grants
This is a tax credit available to low-income homeowners that helps repair substandard housing. Only certain repairs are eligible including heating, structural, electrical, plumbing, and fire safety. For more info, and to see if you qualify, visit www.cmhc.ca/en/co/moloin/ moloin_008.cfm.

These are just a few of the tax rebates and deductions that are provided by the federal government. Before filing your taxes though, make sure you familiarize yourself with all the tax deductions that are available from your provincial government, as all 10 have many that are available.

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