Hello all, As a new home buyer one has to pay off the mortgage and the monthly property tax along with a lot of other re-occuring expenses. Lets say if the income of the family drops down in one of the years, would paying off Mortgage (reffering to the interest portion of it) and the property tax - help the family to get a higher tax refund ? is there some sort of a generic formula that is applied to this ?

Or is it so that it doesnt matter whatevre the family income be, if you own a house paying off the mortgage and the propertt taxes is a part of the parcel and you have to suck it up regardless ?

All information is greatly appreciated

Thank You
Cougar !

Please see feature #4 in link : http://quicktax.intuit.ca/tax-software/personal-products/tax-preparation-software.jsp

The usage of this software is for the last year. If this experimentation is for the last year, then it will be correct. But just for that year.

For the next year it will be in the "BALL PARK" but not exact. You can work with any income figure and other deductions that you are anticipating for the current year. But it will only be an approximation.

You by now, know that there is no interest deduction for the mortgage interest in the income tax system for personal mortgages. In the Provincial tax portion of the return, property tax is given some weight and has a return of a portion there of based upon your income and you can play with this software with what if scenario and see the figures changing. Feds don't care for the property tax, but they cough up the sum when filed, for the provincial coffers, because they collect the same for all of the provinces. So, it is just an adjustment with in. (Internal)

It is a great software. And it is free. You only pay if you file a return with its usage.

Hope this helps you in your estimation. Way to go...

You ask and you get good answers.

Freddie.

PM me to get great discount on Quicktax 2008 0r 2009 any version.


http://www.buyonlinetaxsoftware.com" rel="nofollow">LINK