knighto123 Posted April 10, 2023 Report Share Posted April 10, 2023 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?) Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 10, 2023 Report Share Posted April 10, 2023 Hello knighto123, The construction cost would go to additions to the CCA. The % proration of the cost could be done, for example, % of SqFt, put you should verify with an accountant. Quote Link to comment Share on other sites More sharing options...
ChadGregory Posted March 14 Report Share Posted March 14 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. Quote Link to comment Share on other sites More sharing options...
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