Income tax question...

[stang]

Fuck... decided to do the tax return today.
Last year was the first time I owned property in the province. I paid my property taxes to the city like a good citizen. Are they not worth shit as a tax deductible on the fed return?
Filling out the fucking forms and schedules, it looks like they don't get me any credit worth shit!!!
So I'm being taxed on taxes I've paid?

Before I start getting creative with my return, anybody have an opinion or info on this?

 

[LancsLad]

They become one of the items in your Ontario tax credit calculation. Only deductible against income if property for income producing purposes. Form ON479 line 6112. It won't be much depending upon income level but i helps.

 

[stang]

They become one of the items in your Ontario tax credit calculation. Only deductible against income if property for income producing purposes....

Thanks, yup on the ON479 form they end up worthless as far as a credit.
Since it's my primary residence and not income producing, I'm out of luck huh?

 

[K Douglas]

Thanks, yup on the ON479 form they end up worthless as far as a credit.
Since it's my primary residence and not income producing, I'm out of luck huh?

Yes you are.