Tax season is here, and for many homeowners in Edmonton, Sherwood Park, St. Albert, Fort Saskatchewan, Beaumont, and Leduc, filing your taxes involves more than just your employment income.
If you purchased, sold, refinanced, or renewed a mortgage in the past year, your home can directly impact your taxes — and many homeowners don’t realize it until they speak with their accountant or an Edmonton mortgage broker.
Every year we meet clients across the MetroYEG area who either miss available credits or unknowingly create issues with the CRA simply because they didn’t know the rules. Here are some important tax-season reminders for homeowners in the Edmonton real estate market.
First-Time Home Buyers in Edmonton: Don’t Miss This Credit
If 2025 was the year you bought your first home, you may qualify for the First-Time Home Buyers’ Tax Credit.
Eligible buyers can claim up to $10,000, which typically provides about $1,500 in tax savings.
This applies to many buyers who entered the Edmonton market last year — especially those purchasing:
New builds in Chappelle, Keswick, or Orchards
Townhomes in Fort Saskatchewan
Condos in downtown Edmonton
Starter homes in Sherwood Park
If you purchased with a spouse or partner, you can split the credit. Be sure your accountant knows it was your first principal residence.
Moving for Work in Alberta? You May Be Able to Deduct Expenses
The Edmonton region is heavily employment-driven. We frequently see relocations due to:
Oil & gas jobs
Trades work
Healthcare positions
Military postings
RCMP transfers
If you moved at least 40 km closer to your new workplace, certain moving expenses may be deductible on your tax return.
This commonly applies to homeowners moving from rural Alberta into Edmonton or relocating within the Greater Edmonton Area for employment.
Working From Home in Edmonton
Working from home is now extremely common, and many homeowners are unaware they may qualify to claim home-office expenses.
Depending on your situation, you may be able to claim a portion of:
Utilities
Internet
Home operating costs
Workspace area
Rules differ between employees and self-employed individuals, so proper documentation is important.
Sold Your House in Edmonton? You Still Must Report It
This one surprises a lot of people.
Even though the principal residence exemption usually means you won’t pay capital gains tax, the sale of your home still must be reported to the CRA.
We frequently see missed reporting when homeowners:
Upgrade from a condo to a detached home
Move from Edmonton to Sherwood Park or St. Albert
Downsize after retirement
Convert a home into a rental property
Failure to report the sale can lead to penalties — even when no tax is owed.
Rental Properties & Basement Suites
Edmonton is one of Canada’s strongest rental markets, and many homeowners now own:
Basement suites
Duplexes
Legal secondary suites
Investment condos
If you earned rental income, it must be reported. The good news is many expenses can often be deducted, including certain property costs and financing expenses depending on how funds were used.
This is especially important if you used a refinance or HELOC to purchase an investment property.
Refinancing or Mortgage Changes Can Affect Taxes
Over the past year, many homeowners contacted a mortgage broker in Edmonton to:
Consolidate debt
Access home equity
Renovate
Invest in real estate
Switch lenders at renewal
While a mortgage refinance itself is not taxable, the purpose of the borrowed funds matters. For example, borrowing to invest or run a business can change how interest is treated for tax purposes.
This is one reason we often coordinate with clients and their accountants during refinancing.
Mortgage Renewal in Edmonton: Why Tax Season Is the Perfect Time
Tax season is actually one of the best times to review your mortgage.
Your tax return gives a clear picture of:
Income
Debt levels
Cash flow
Qualification ability
If your mortgage renewal in Edmonton is coming up within the next 12–18 months, planning early can:
Lower your payment
Avoid lender penalties
Improve approval options
Position you to buy another property
Many homeowners wait until their bank sends a renewal letter — which is often the most expensive time to make a decision.
Why Speak With an Edmonton Mortgage Broker?
Your accountant helps you file taxes.
A mortgage broker helps you structure your mortgage around your financial future.
In the Edmonton real estate market, homeowners often have more equity than they realize, and tax season frequently reveals opportunities like:
Debt consolidation
Investment property purchases
Equity take-outs
Payment reductions
Need Mortgage Advice in Edmonton?
Whether you bought, sold, refinanced, or your mortgage renewal is approaching, the MetroYEG Mortgage Team is happy to review your options.
We help homeowners across:
Edmonton, Sherwood Park, St. Albert, Beaumont, Leduc, Fort Saskatchewan and surrounding communities.
A quick review now can prevent costly mistakes later — and sometimes save thousands over the life of your mortgage.
