Income Property - Buidling inspection and notary fees deductible as an expense

[ifreedom451]

Hi,

I purchased an income property in December 2022

I would like to know if the building inspection expense and notary fees for the transaction are deductible as an expense in my 2022 income tax report,

Thanks,

Dan

[TurboTaxGinette]

Please see this Canada Revenue Agency (CRA) link regarding fees: Line 8860 – Professional fees (includes legal and accounting fees)

For more information please see this CRA link about Rental expenses you can deduct

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