end of year tax tips 2023 ontario real estate

End-of-Year Tax Tips for Homeowners in 2023

Monday Nov 20th, 2023


Hey there savvy homeowners and investors! As we approach the end of the year, it's the perfect time to make sure you're squeezing every last drop out of those potential tax savings. Let's dive into some credits and deductions for 2023 that you won't want to miss.


2023 OEPTC (Ontario Energy and Property Tax Credit)


This little gem can seriously boost your tax refund. For non-seniors, you could snag up to $1,194 ($265 for energy and $929 for property tax). Seniors get an even better deal—$1,360 in total. But hey, don't just take our word for it. Calculate

your entitlement here https://www.canada.ca/en/revenue-agency/services/child-family-benefits/child-family-benefits-calculator.html

Most people in Ontario are eligible for a credit of some sort. 

Example, 2 people who have 2 children under 10 and earn a family working income of $80,000 annually who paid $16,000 annually in property taxes qualify for over $8,000 yearly family benefits. Including an OEPTC of $257.28 and CAIP of $976.00. 

Special Considerations for Seniors Separated Involuntarily

If life throws you a curveball, like one spouse needing to move to a nursing home, fear not. The Canadian Revenue Agency (CRA) has your back. Even if you and your partner are living apart for medical reasons, each of you can apply for the 2023 OEPTC for your separate eligible residences. The CRA considers this involuntary separation, so your claims will be calculated as if you were flying solo. Just remember to tick the right boxes and spill the details on Form ON-BEN. 



Calling All Landlords: Mortgage Interest Deductions


Are you a landlord? Did you know that the interest on your mortgage is 100% tax-deductible in Canada? There's a catch, though — it's only if your property applies if it was generating rental income for the entire year. So, if your place is pulling its weight in the rental game, you're in luck.

For a deeper dive into the tax deductions for Ontario landlords, check out this guide https://liv.rent/blog/landlords/tax-deductions-for-ontario-landlords/ 

There you have it!

Remember, while we're providing these quick tips, it's always a good idea to consult with a tax professional to make sure you're on the right track for your unique situation.


Want More Tax Tips?


For more Home Owner Tax Tips check out this blog post from LoansCanada.com https://loanscanada.ca/taxes/homeowner-tax-breaks-you-can-benefit-from/ 

Learn about 

Home Accessibility Tax Credit (HATC)
First-Time Homebuyer Tax Credit (HBTC)
Medical Expenses Tax Credit
GST/HST New Housing Rebate
Rental Income
Home Office Expenses

Tax Tips For Ontario Homeowners 2023

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