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new home construction question


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Hi, i live in bc and in 2022 finished tearing down the old house and constructed a single family home + laneway. We live primary residence upstairs and the basement is pure rental unit. the laneway is a primary resident as well. The basement is rented from Oct 2022-present. this is straight forward to calculate as i made sure all the utilities, tax, etc.. started from Oct.

my question is how or is it possible for me to claim some of my construction cost for deduction? how about to do i do that in ufile? and would be a good way to calculate the % to claim for the basement? (25% of construction cost?)



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  • 11 months later...

Claiming construction costs for deduction can be complex, especially with rental units involved. To ensure accuracy, I recommend consulting a tax professional familiar with Canadian regulations. They can help determine the percentage of construction costs attributable to the basement rental unit. As for software, UFile should have provisions for claiming such deductions, but again, professional advice is valuable. Also, if you're interested in innovative design ideas for future projects, Stark Builders in Brisbane offers some fascinating concepts blending traditional and modern designs. Their website starkbuilders.com.au is worth exploring for inspiration.

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