Line 369 – Don’t Miss this write-off

OK, it is that time of year again Abbotsford, Chilliwack and Misison…tax time! Here is some quick info and a video about a little tax write off earned when buying a home.

Generally, your tax return for 2014 has to be filed on or before April 30, 2015.  As for self-employed people, you or your spouse or who owned a business in 2014 don’t have to file your 2014 income tax until midnight on June 15, 2015. With that being said we all want to maximize our write-offs each year so we pay less tax income tax. Well here is a deduction that is quite often missed or forgotten by individuals filing their taxes.

Line 369 on your tax returns allows you to write off house purchase expenses. Did you know that as a Canadian resident you can claim up to $5,000 in cost for the purchase of a qualifying home acquired in 2014, if both of the following apply:

  • you or your spouse or common-law partner acquired a qualifying home; and
  • you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer).
As an Abbotsford and Mission resident, we are all about to make the mad dash to the accountants office so don’t for get about this little write off. Every little bit helps.

Watch the video – First-time home buyers’ tax credit

 

By Referral Mortgage Consultants*

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 1 – 32540 Logan Ave
Mission BCV2V 6G3

&

360-3033 Immel St

AbbotsfordBCV2S 6S2

&

8387 Young Rd

ChilliwackBCV2P 4N8

Dave  604 897 2741 Jordi 604 615 1312
www.AbbotsfordsMortgageBroker.com

 

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*By Referral Mortgage Consultants – doing business as BRMC is: Verico Preferred Financing Inc / Verico Canadian 1st Mortgage Corp which have a co-brokering agreement and there is a common Mortgage relationship and are licensed with the Verico Dreyer Group. Mortgage ownership, that employees of both Mortgage companies may review, advise and help process the Mortgage files. That Verico Preferred Financing Inc & Verico Canadian 1st Mortgage Corp share the some expense and income from mortgages. Kim Langille Featured on thess site is an unlicensed mortgage assistant only, not a Mortgage Consultant. Jordi Browne featured on this site is the Mortgage Broker of record. “The Broker” is Jordi Browne. Jordi Browne also holds a Life Insurance License and represents Verico Canadian 1st Mortgage Corp. Dave Browne featured on this site has a Life Insurance License too but is an independent agent– Jordi and Dave Browne co-broker life insurance files and share expenses, all income retained by Verico Canadian 1st Mortgage Corp. 

 

 

 

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