29 Feb 2012 12:18 PM
10 Feb 2004
Russell (Ottawa area)
_April_
Postaholic
6,996
Doing my taxes last night, I got a stumped on what to claim for property taxes.
In 2011, we were billed and paid retro amounts for 2010 and 2011.
So my question is, do I include what I paid total or only the amount for 2011?
Only the 2011 amount. The 2010 amount would go on your 2010 taxes.
Make sure it's even making a difference on your return. If it does, you could do an adjustment for 2010.
29 Feb 2012 12:59 PM
10 Feb 2004
Russell (Ottawa area)
_April_
Postaholic
6,996
But I wasnt billed for 2010 in 2010.
The bill only came in November 2011 retroactive because it was a new home.
Yes but the taxes are for the 2010 tax year. It doesn't matter if the bill came 40 years from now. It's the year in which the expense was INCURRED --- not when the bill was received.
If you get the property tax credit (and ensure you actually qualify for it ... many people put it on their taxes but it makes no difference in the end because their income is too high) ... if you qualify, you can do an adjustment to your 2010 taxes for it. But you can't claim the 2010 expense in 2011.
29 Feb 2012 1:36 PM
7 Oct 2011
julied
Fan
621
You can property taxes on your income taxes? Have I been living under a rock?
It depends on the province you live in. It's sometimes a provincial tax credit.
However, to qualify for the credit, your income has to be below the threshold which is usually around $30K (total combined income between yourself and your spouse)
29 Feb 2012 6:55 PM
10 Feb 2004
Russell (Ottawa area)
_April_
Postaholic
6,996
Oh... so I'm claiming but there's no benefit!?! Crap.
Thanks for the responses anyway.
Question - where do I find this amount? I'm supposed to include it for my accountant since I have a home-based business. TIA
1 Mar 2012 6:36 AM
6 Jul 2005
Montreal
Marshmallow
Addict
4,221
honeysher - what amount? You can find it on your bills. If you home office takes up 20% of your house, you can clam 20% of it as expenses.
Also, if you have a revenue property, you can claim it.. but otherwise, at least in QC for private residence, you can't claim it unless you are very low income.
I just realized that I was looking for the mortgage interest, not property tax.
31 Oct 2012 11:59 PM
30 Apr 2012
buzzle.ca
buzzle
New Member
0
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