primary residence tax deductions?

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Seamus
Posts: 10
Joined: Thu Jan 20, 2011 9:21 pm

primary residence tax deductions?

Post by Seamus »

I've researched this but I seem to find conflicting info. In Canada and Quebec, can you deduct your property/school taxes and mortgage interest of your primary residence from your taxable income?
JGCA
Posts: 754
Joined: Thu Nov 18, 2010 3:05 pm
Location: Montreal, QC Canada

Post by JGCA »

In Canada there is no deduction for property tax or mortgae interest .

In Quebec there also in no deduction for either of these, however until 2010 the Quebec govt will afford to you a Real Estate Tax Credit for prperty tax you paid either as a tenant ot Landlord as of December 2010 evn if you were in the residence for 1 month as long as ot was December 2010 you will be able to receive a refundable tax credit of up to $ 604 by filling out Schedule B of teh Quebec Tax return.

Jus a note for all readers 2010 is the last year that Quebec will give out the Real Estate Tax Credit along with the QST credit ( Like teh Federal GST credit) starting JUly 1 2010 Quebec is replacing all its major tax credits with a Solidarity tax credit that will be paid monthly and only by direct deposit.
JG
JGCA
Posts: 754
Joined: Thu Nov 18, 2010 3:05 pm
Location: Montreal, QC Canada

Post by JGCA »

Just to add to the Real Estate Tax Credit it will be reduced based on your income threshold of you and your spouse so it will depend on your income level check shedule B to see the parameters.
JG
Seamus
Posts: 10
Joined: Thu Jan 20, 2011 9:21 pm

Post by Seamus »

Thank you for your response.
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