Lunker777 Posted January 31, 2012 Report Posted January 31, 2012 (edited) Hey everyone Im starting to get organized for tax time because with the baby on the way in the next month, I have a feeling paper work is going to take a back burner for a little while. I bought my house in March of 2011. We totally gutted and renovated everything. Is there any thing I should be claiming for tax time ???? Just trying to get as much of my $$ back as possible. I have put a call into my accountant but I just was curious if anyone has gone through this and what they found was the best approach Thanks for any input Edited February 1, 2012 by Lunker777
I'mHooked Posted January 31, 2012 Report Posted January 31, 2012 When we did renos years ago and took advantage of the then eco-energy rebate program the government had, we had to have an energy efficiency test done on the house (negative pressure blower test) both before the renos and then after they were all done. They then based our 'rebate' on the improvement we created in the houses overall energy efficiency. They also took into account new windows, insulation etc. There may be specific rebates for upgrading you furnace and electronic thermostat etc. Check the Ministry of Environment for information on rebate programs.
smally21 Posted January 31, 2012 Report Posted January 31, 2012 (edited) there is (was) an open ecoenergy audit program, it just closed, and its not like you can claim retroactively. the home renovation tax credit was a great program (basically 15% back on all renos) but that has closed as well. im no accountant, dont think there is much you can claim in home renos outside of these special programs. the good news is, having a kid will get you a yellow cheque from the govt each month. the bad news is, the new kid will cost you more than the amount on the cheque...... good luck with the taxes and the new addition! Edited January 31, 2012 by smally21
irishfield Posted January 31, 2012 Report Posted January 31, 2012 http://www.cra-arc.gc.ca/hbtc/ There is also a first time home owners deal where you get your Land transfer tax back if you've never owned before...to a maximum of $2000 http://www.rev.gov.on.ca/en/refund/newhome/index.html
camillj Posted January 31, 2012 Report Posted January 31, 2012 (edited) well .. .if you moved 40Km closer to work (or your new work location if you switched offices) you can claim the moving costs ( and real estate fees etc). Edited January 31, 2012 by camillj
wallyboss Posted February 1, 2012 Report Posted February 1, 2012 Bought the house in 2010, but your getting ready for your 2011 tax return.
torco Posted February 1, 2012 Report Posted February 1, 2012 there is (was) an open ecoenergy audit program, it just closed, and its not like you can claim retroactively. the home renovation tax credit was a great program (basically 15% back on all renos) but that has closed as well. im no accountant, dont think there is much you can claim in home renos outside of these special programs. the good news is, having a kid will get you a yellow cheque from the govt each month. the bad news is, the new kid will cost you more than the amount on the cheque...... good luck with the taxes and the new addition! Its so true that $100 covers a little over 2 days worth of daycare. Of course if you make less there is a supplement. As for your renovations do you make income off your property? Ie rent part of it out or operate a home business?. If you do there is a potential to reduce your tax burden on the income you earned from those kinds of things from the renovations.
Beans Posted February 1, 2012 Report Posted February 1, 2012 If you have to travel more than 40kms (one-way) for medical treatment you can claim $0.57 per km for the total kms travelled... If you travel more than 80 kms (one-way) for medical treatment you can claim $0.57 per km for the total kms travelled and you can also claim $17 per meal...if someone had to drive you to the appointment (operation- you would not be allowed to drive for 24 hrs) you also can claim the meal allowance for them... There are two ways you can claim these...one with receipts and the other without receipts... Like all medical claims you only get the tax back on the total amount not the total...
Lunker777 Posted February 1, 2012 Author Report Posted February 1, 2012 Bought the house in 2010, but your getting ready for your 2011 tax return. Sorry, March 2011..... Thanks for the input though
Joey Posted February 1, 2012 Report Posted February 1, 2012 Just buy a Turbo Tax disc and follow the instructions. There comes a time when it asks about buying a home/renovations etc.
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