G00 Posted February 17, 2023 Report Share Posted February 17, 2023 Hi all, Does anyone know if or how I can write off expenses I made in the fall and am still making to construct a suite in my basement? Do I need to just save the receipts for when I do have income for next years filing? And then how do I know what parts I can write off as expenses? Thanks! -G Quote Link to comment Share on other sites More sharing options...
Geo123 Posted February 17, 2023 Report Share Posted February 17, 2023 Hello G00, The capital expenses, if directly related to the rental unit, would be allocated to the Capital Cost Allowance (CCA) of the basement suite, once converted to a rental unit - if you choose to claim CCA. The costs would also be allocated to the Average Cost Base (ACB) of the unit, if you sell the house. You must save the receipts. Regarding the conversion You should also consult - Changing all your principal residence to a rental or business property https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/principal-residence-other-real-estate/changes-use/changing-your-principal-residence-a-rental-business-property.html Quote Link to comment Share on other sites More sharing options...
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