As mortgage brokers in Quebec, we have noticed that many of our clients often forget to claim certain important tax deductions when preparing their taxes. Here are the three most commonly overlooked tax deductions:

 

If you moved more than 40 km from your previous residence to be closer to your new place of work or study, you may be eligible for the moving expenses deduction. This deduction covers several expenses, such as:

• Transportation and storage costs for your belongings.
• Travel expenses, including gas and meals on the road.
• Mortgage cancellation fees.
• Notary fees and commissions paid to a real estate broker.

To be eligible, your move must enable you to take up employment, carry on a business, or attend an educational institution on a full-time basis.

 

Whether you are an employee or self-employed, if you worked more than 50% of your time from home or if your home office is used exclusively to meet clients, you can deduct certain expenses related to your home. These expenses include:

• Heating, electricity, and maintenance.
• Home insurance premiums.
• Mortgage interest and property taxes (for homeowners).
• Rent (for tenants).

It is important to note that only the portion of the expenses that relates to the use of your home for business purposes is deductible.

 

If you pay fees to a professional order or association to hold your job, you can claim a deduction for these dues. This includes:

• Dues paid to a union.
• Dues paid to the Quebec Construction Commission.
• Dues paid to a recognized professional association.

These dues must be directly related to your job to be eligible for the deduction.

 

In addition to the deductions mentioned above, there are other deductions and tax credits related to buying, renovating, and moving:

 

First-Time Home Buyers' Tax Credit: If you or your spouse bought an eligible home for the first time and intend to make it your principal residence, you may be eligible for this tax credit. The maximum credit amount is $1,400 for an eligible home.

Tax Credit for the Renovation of a Residential Wastewater Treatment System: If you have undertaken work to upgrade the wastewater treatment system of your residence, you may be eligible for this tax credit.

GST and QST Rebate for Major Renovations: If you have substantially renovated your home or residential complex, you may be eligible for a partial rebate of the GST and QST paid on the renovation costs.

We want to emphasize that we are not tax experts. Therefore, it is crucial to consult professionals, such as accountants or tax advisors, to get precise and tailored advice regarding tax deductions. Additionally, there are many other tax deductions that may apply to your specific situation. A professional can guide you to maximize your deductions and optimize your tax return.

 

However, when it comes to mortgage loans, we are the professionals you are looking for. Contact us! Moreover, our services are paid for by the lender you choose, so you don't have to pay for our services!

 

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