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Tax Tips for Your Home Purchase, Build, Sale, or Renovation in 2021
April 11, 2022 | Posted by: Marc Crossman
If you bought, built, sold or renovated a home in 2021 here are some helpful tips and information to get you ready for this tax-filing season.
Claim $5,000 on your tax return: The home buyers' amount (line 31270) is available if:
- You acquired a qualifying home in 2021
- You did not live in another home that you owned in the current year or any of the previous four years.
You may be able to claim a rebate for some of the GST/HST you paid to:
- Buy a newly built house (building and land) from a builder to use as your primary place of residence
- Build a new house to use as your primary place of residence
- Substantially renovate a house to use as your primary place of residence
Claim eligible home accessibility renovation expenses:
- If you are a qualifying individual, meaning you are 65 years of age or older at the end of 2021 or, you are eligible for the DTC
- If you are an eligible individual that can claim certain tax credits for a qualifying individual.
If you plan to buy or build a home, you may be able to:
- Withdraw up to $35,000 from your registered retirement savings plan (RRSP)
- Use the Home Buyers' Plan (HBP) if you're a first-time home buyer and use the home as your principal place of residence.
If you sold a property in 2021, you need to:
- Report the sale
- Designate the property
- Report the gain or profit you made
Read the full article for details here: https://www.newswire.ca/news-releases/tax-tip-did-you-buy-build-sell-or-renovate-a-home-in-2021-here-s-what-you-need-to-know-852345725.html
As always, we are here to help. Give us a call at 780 701 3888 or email marc@albertamortgagepros.ca We would be happy to hear how we could assist with your mortgage needs!
