We had renovation expenses needed to create a business space in our attached garage. Does anyone out there know where I would claim these expenses as they were only installed as a direct need for the business?
You must complete a Form T2125: Statement of Business Activities. Only minimal entries are required; the business name can be your name and the business address can be your home address.
Your expenses should be claimed under Part 5 Maintenance and repairs.
Here is a tax tip link on T2125 https://turbotax.intuit.ca/tips/small-business-tax-tips-filing-a-t2125-4119
You must complete a Form T2125: Statement of Business Activities. Only minimal entries are required; the business name can be your name and the business address can be your home address.
Your expenses should be claimed under Part 5 Maintenance and repairs.
Here is a tax tip link on T2125 https://turbotax.intuit.ca/tips/small-business-tax-tips-filing-a-t2125-4119
Can someone confirm if this answer is correct?
I have a very similar situation requiring electrical upgrades in order to run my home business. Under Maintenance and Repairs, however, TurboTax specifically says "Do not enter the cost of major building additions or renovations... here. You will enter these amounts elsewhere."
I'm not sure what constitutes a "major" renovation (is their a specific dollar amount?). And, where is the "elsewhere" that it refers to, because I have not been able to find renovations mentioned anywhere else in TurboTax.
Thanks