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Ontario Energy and Property Tax Credit.

What’s New:

Starting July 2012, the Ontario Energy and Property Tax Credit will be paid monthly as a part of the Ontario Trillium Benefit http://www.rev.gov.on.ca/en/credit/otb/index.html instead of quarterly.

Benefit payments for the period starting July 2012 through June 2013 will be based on information in your 2011 personal income tax return.

Eligible individuals and families will receive the quarterly 2011-2012 benefit year payments based on their 2010 personal income tax returns.

Home Office Expenses:

If you have an office in your home, you can claim a portion of your ongoing home expenses, subject to the restrictions discussed below. The portion will normally be based on the fraction of the home that is used for your office (you can usually exclude common areas such as hallways, kitchen, and washrooms, when making the calculation).

The expenses you can claim include:

  • Rent, if you are a tenant
  • Mortgage interest (but not the principal portion of blended mortgage payments)
  • Property taxes
  • Utilities such as electricity, heat, water and gas
  • Telephone (if you have a separate business telephone which is fully deductible, consider whether you also use your personal phone for business calls)
  • Home insurance

Also make sure to claim your business portion of some less obvious expenses such as a garden service, driveway snowplowing, and minor repairs. You will need to keep reciepts on file; do not simply estimate your expenses.