Rsand Posted March 4, 2023 Report Share Posted March 4, 2023 Hi, I don't claim CCA on a basement rental in my principal residence but I had to replace a bathroom vanity which was in bad shape. Can I claim it as a current expense? or am I out of luck? I don't twant CCA. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 4, 2023 Report Share Posted March 4, 2023 Hello Rsand, You can verify with the CRA or an accountant but it seems like it could be a current expense. Does the expense maintain or improve the property? The cost of a repair that improves a property beyond its original condition is probably a capital expense. If you replace wooden steps with concrete steps, the cost is a capital expense. Footnote 1 An expense that simply restores a property to its original condition is usually a current expense. For example, the cost of repairing wooden steps is a current expense. https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/current-expenses-capital-expenses.html Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.