Solved: Can a special assessment be claimed against my ren...

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
EnglishEN

Pick a language

Français English
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

Can a special assessment be claimed against my rental income? If so, where is it applied? Can unclaimed portions be applied over future tax years?

I was assessed ~40k this year for roof repairs on our condo unit.  On average I claim approximately 6K per year as revenue after expenses and property taxes.  Using 6K as the example and provided that I am able to claim the special assessment, there would be 34K in the assessment that would be unclaimed.  Can I apply the remaining balance against future tax years?

1 Best answer

Accepted Solutions
Highlighted
New Member

Can a special assessment be claimed against my rental income? If so, where is it applied? Can unclaimed portions be applied over future tax years?

Thank you for your question.

I would advise you to contact Revenue Canada to verify if you can actually apply the remaining balance against future tax years.

 http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/crcp-eng.html

Contact CRA Phone: 1-800-959-8281




View solution in original post

2 Replies
Highlighted
New Member

Can a special assessment be claimed against my rental income? If so, where is it applied? Can unclaimed portions be applied over future tax years?

Thank you for your question.

I would advise you to contact Revenue Canada to verify if you can actually apply the remaining balance against future tax years.

 http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/crcp-eng.html

Contact CRA Phone: 1-800-959-8281




View solution in original post

Highlighted
New Member

Can a special assessment be claimed against my rental income? If so, where is it applied? Can unclaimed portions be applied over future tax years?

You can claim the full amount that you paid for the assessment in the tax year.  It will carry forward as a non-capital loss that you can apply against future taxes.  You will likely be required to show receipts for an amount that large.

v