Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted May 9, 2021 1:40:38 PM

Can i claim land transfer tax, if i have sold my old house and moved and baught new house?

0 2 952
2 Replies
Level 6
May 10, 2021 9:54:59 AM

Thank you for choosing TurboTax,

 

You cannot claim land transfer tax in your situation. As per CRA,  you can claim $5,000 for the purchase of a qualifying home in the year if both of the following apply:

  • you or your spouse or common-law partner acquired a qualifying home
  • you did not live in another home owned by you or your spouse or common-law partner in the year of the acquisition or in any of the four preceding years (first-time home buyer)

Because you are not a first-time homebuyer, you cannot claim this credit. 

 

You can visit the article on Home buyers' amount to learn more about home buyers' amount.

Level 6
May 10, 2021 10:20:43 AM

As per CRA, you cannot deduct the land transfer taxes you paid when you bought your property. Add these amounts to the cost of the property. 
Click here to learn about rental expenses you can’t deduct.