You cannot claim the amount covered by your insurance, because they covered the cost, not you.
ADJUSTED COST BASE
- Adjusted Cost Base is usually the cost of a property plus any expenses to acquire it, such as commissions and legal fees.
- The cost of a capital property is its actual or deemed cost, depending on the type of property and how you acquired it. It also includes capital expenditures, such as the cost of additions and improvements to the property.
- You can’t add current expenses, such as maintenance and repair costs, to the cost base of the property.
- ACB is the original purchase price plus legal costs at the time of purchase (plus any major renovations not deducted as expenses in any given year).
More from TurboTax Tips - Calculating Adjusted Cost Base: https://turbotax.intuit.ca/tips/calculating-adjusted-cost-base-6285
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