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LOL7
Returning Member

Property tax paid

Hello,

 

I purchased a condo in Oct, 2018 and its closing was April 2019, So there was no property tax paid in 2019. I have paid the property tax for 2020 interim though in 2020. I have three questions listed below.

 

1. There is a section called "Payments related to your principal residence" where I need to input the property tax. What should I input the number? N/A?

2. I do not need to the interim occupancy date's payments considered as a rental fee? 

3. I got the notice of assessment from CRA for GST/HST showing that my builder paid or credited the rebate directly to me at the time of purchase. Do I need to put this info somehow onto the 2019 tax return?

 

Please let me know if you know answers. Thanks. 

1 Reply
TurboTaxHeba
Intuit Alumni

Property tax paid

  1. The property tax you paid in 2020 is broken into the 2019 portion and 2020 portion. The 2019 portion is reported in the 2019 Tax return since the closing was April 2019. You can obtain a broken down details from the City of your Province.
  2. Your benefits are broken into rental fees and property tax fees > enter both payments in separate entries.
  3. The letter you have received regarding the GST/HST is to prove that you were repaid and don't have to claim this amount again because the builder has taken care of it. So, do not enter the amount anywhere. 

 

I hope this was helpful