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Found 4 results

  1. Nugs

    Basement Apartment

    Hello, I moved into a new build home in Sept 2019. The house was built with the intention of have a legal basement apartment. After moving in, we completed installing a new kitchen and appliances before the end of 2019. Final inspections were completed by the municipality in Jan 2020, and our tenants moved in from March 1, 2020. So income in 2019 is zero. This is my Principle Residence. How do I or should I make any claims for 2019 given this scenario? A couple of things I'm stuck on are: - Would the the "Available for Use" date be -- when we moved into the home (2019) or perhaps when city approval was granted (2020)? - Could soft costs be claimed in the "construction phase"? (appropriate portion of mortgage interest, home insurance, property tax, maybe home utilities) - Regarding Capital Cost Allowance, are claims recommended as this affects capital gains tax when we dispose of the property sometime in the future? Feedback on this scenario is certainly appreciated! Thank you.
  2. Hello - in 2005 I purchased a condo. I lived there until 2010. I then began to rent this condo (I moved elsewhere). I sold this condo in 2018. How can I claim the sale of this condo in 2018 but pay only the capital gains associated with the period during which it was not my primary residence (late 2010 through late 2018)?
  3. During the sale of a rental property some expenses such as sales commissions, legal fees, and bank fees are generally incurred. While I have seen some documentation suggesting that these can be applied against the selling price to reduce the capital gains, I am curious whether the option to instead apply them against the annual income from the property also exists? These were, after all, expenses incurred as a result of running the rental property business. I am only looking for information on whether there is a strict requirement to apply these costs against either the sales price or against the rental income? Is there a law that directs where these must be applied, or is the choice optional?
  4. Have not been able to find answers in previous threads. I have a vacation cottage in BC and started renting out the basement suite in May 1, 2016 (so 50% of my house). I only used my upper suite 18 days last summer for myself. (1) Where do i enter the amount of space of the house I am renting out to a tenant? I rent out 50% of my house. Or do i manually prorate the expenses myself by 50% before i enter them in UFILE? (2) For the "Percentage (%) of personal use of your rental property" do i put 5% (18 days/ 366 days) or 7% (18 days/8 months it was rented)? (3) Do i add all the expenses for the whole year, and then put May 1 as the fiscal year date so UFILE prorates the expenses for the 8 months we had a tenant? Or do i only add the expenses incurred for the 8 months and still use May 1 as fiscal? (or do i prorate 8 months myself manually and put Jan 1, 2016 as fiscal?). We only started renting the property in May 2016. I have tried to research theses answers but can't find it. Thank you, Margaret
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