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Constructed a deck on my rental property

Where do i submit those expenses
1 Best answer

Accepted Solutions

Constructed a deck on my rental property

As these costs are a capital expense, you are only able to claim them if you were to depreciate the cost of the actual house/building.  However, if you do, this can result in a recapture of part or all of the depreciation if you decide to sell the property.

You are going to include the costs as part of the cost of the house/building, and therefore part of the cost of the property.  This will decrease the capital gains if you sell the property.

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

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1 Reply

Constructed a deck on my rental property

As these costs are a capital expense, you are only able to claim them if you were to depreciate the cost of the actual house/building.  However, if you do, this can result in a recapture of part or all of the depreciation if you decide to sell the property.

You are going to include the costs as part of the cost of the house/building, and therefore part of the cost of the property.  This will decrease the capital gains if you sell the property.

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