CDN DVCrs - Writing off Prop Tax portion of Dues??

[DutchsMommy]

Can CDNs write off the prop tax portion of the dues like you do on your primary residence? I understand from the DVC boards people are doing this?

 

[Newcastle]

My understanding is no. But I could be wrong. Anyone else?

 

[OntFamily]

How are you writing off property tax on your primary residence??

 

[F4disneyfan]

No you can't write off the property tax portion of your dues on your DVC interest.

 

[RoyalCanadian]

How are you writing off property tax on your primary residence??

Ontario residents enter the amount paid in property tax on line 6112 in Form ON479. The resulting calculation is then entered in line 479 of the T1 General.

 

[CanadianGuy]

Royal - you sound like you know this stuff -- so I'm presuming that property taxes paid to a foreign government on property in that foreign land.. would be .. not deductible in Canada?

J

 

[Nagle]

Folks, sorry to hijack the thread, but have some questions about DVC. Those of you who have purchased, are you happy with the purchase?, are rules diferent for Canucks?, direct from Disney or resale? If resale, did you use the Time Share Store advertised here on the DIS?

We are seriously entertaining the idea this year and were hoping for a Canadian perspective.

Thanks
John

 

[dsneygirl]

Ontario residents enter the amount paid in property tax on line 6112 in Form ON479. The resulting calculation is then entered in line 479 of the T1 General.

But only people below a certain income will get any credit for it. I doubt the average DVC owner is below that income.

 

[RoyalCanadian]

Royal - you sound like you know this stuff -- so I'm presuming that property taxes paid to a foreign government on property in that foreign land.. would be .. not deductible in Canada?

J

Form ON479 asks for property tax information on primary residences -- I'm guessing our DVC property isn't primary, and I'd rather not be the test case for CRA on this one.

dsnygirl is correct -- the property and sales tax credit is reduced by calculations that account for income. I have some other peculiar deductions that allow us the property and sales tax credit, however I'm not under the misconception that I would qualify without the other deductions.

Still, it never hurts to honestly provide the information CRA requests.

 

[dsneygirl]

dsnygirl is correct -- the property and sales tax credit is reduced by calculations that account for income. I have some other peculiar deductions that allow us the property and sales tax credit, however I'm not under the misconception that I would qualify without the other deductions.

Still, it never hurts to honestly provide the information CRA requests.

Just like why I keep checking off "GST credit" even though I stopped qualifying years ago. You never know.

 

[Scratch42]

No Can Do!

As for purchasing DVC! Wish I could have afforded it sooner!

I have purchased thru Disney and the Timeshare Store! The only problem with resale................ROFR! It's a killer waiting!

j

 

[Torontogal]

Nagle - I am very happy with our purchase. We always have a trip to look forward too.
We bought resale and used teh Time Share Store which I highly recommend.
I have no regrets and love having a Disney trip to look forward to all the time. It makes life so fun and exciting. I highly recommend resale and Timeshare Store.

 

[Nagle]

Thanks folks.

John