lifelonglearner Posted March 15, 2022 Report Share Posted March 15, 2022 I had to purchase Appliances (Refrigerator, stove, dishwasher, washer/dryer, microwave etc.)for the rental property that we leased out to a tenant. These appliances were purchased after the closing of the property in Nov 21. These appliances costed us around $6000/- Can we claim these as expenses? If yes then where to enter that expense under T776 section? 2. In addition, while closing the rental property the builder charged us for Land tax, Tarion warranty registration, Water meter fee, Hydro underground services fee etc. Can we claim these charges as expenses? 3. Our lawyers charged legal fees for closing, registration transfer, registration charge, disburse fees flat, land transfer fees, execution certificate charges at Sherief's office, file charges, title insurance premium, electronic mortgage process fees. Can we claim these as expenses? (I read in forums that land transfer fee cannot be claimed as expense - is this correct? ) Could you answer my concerns point by point? Quote Link to comment Share on other sites More sharing options...
G-Hiotis Posted March 25, 2022 Report Share Posted March 25, 2022 The assets mentioned in your first point are depreciable assets (value lasts more than one year). You may enter them as Class 8 assets and claim them over time. You need to enter them as 'cost of additions'. The fees mentioned in point 2 & 3 are usually amortized over the course of 5 years except the land transfer fee. For a complete list list of other items that are not deductible please see page 20 and 21 of the rental guide found here: https://www.canada.ca/content/dam/cra-arc/formspubs/pub/t4036/t4036-21e.pdf George Hiotis QA Manager UFile.ca Quote Link to comment Share on other sites More sharing options...
MelissaMati Posted July 27, 2023 Report Share Posted July 27, 2023 Even though the thread is 1 year old, the information remains valuable for anyone facing similar rental property expense questions. 🏠💡 Let's address your concerns point by point: Absolutely, you can claim the expenses for those appliances! $6000 for appliances purchased after property closing in Nov 21 can be entered under the T776 section. The charges from the builder, like land tax, Tarion warranty reg, water meter fee, and more, are also eligible as expenses. Legal fees for closing, registration, disburse fees, and other charges can be claimed. However, remember that the land transfer fee cannot be claimed as an expense. Always keep proper records of receipts and documents to support your claims. Also, if you need tips on gas stove installation, check out fixappliances.ca It might be useful for your rental property needs. Quote Link to comment Share on other sites More sharing options...
Val Canuck Posted April 19 Report Share Posted April 19 in Ontario, are these fees below also deductible as an expense? all in the first year? *parkland dedication *Public arts contribution *Interest charged by builder/vendor on Deferred purchase monies Could you answer point by point? Thanks! Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 19 Report Share Posted April 19 Hello Val Canuck, Please consult with a tax advisor or contact CRA : 1-800-959-8281 for inquiries related to individuals. Telephone numbers – Canada Revenue Agency / CRA wait times: https://www.canada.ca/en/revenue-agency/corporate/contact-information/telephone-numbers.html Quote Link to comment Share on other sites More sharing options...
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