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Questions on rental property expenses and where to enter those in T776


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  1. 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?
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  • 2 weeks later...

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

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