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Level 1
posted Oct 30, 2019 8:57:35 PM

Do I claim 75% of condo insurance as a deduction on a rental property purchased in April 2018 or claim the total paid in 2018?

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1 Best answer
Level 15
Oct 30, 2019 8:57:36 PM

Only deduct the 75% that relates to 2018. 

From this link at CRA: https://bit.ly/2tDP4gU

You can deduct the premiums for insurance coverage on your rental property for the current year. If your policy gives coverage for more than one year, you can deduct only the premiums that relate to the current year.

Deduct the remaining premiums in the year or years to which they relate.

1 Replies
Level 15
Oct 30, 2019 8:57:36 PM

Only deduct the 75% that relates to 2018. 

From this link at CRA: https://bit.ly/2tDP4gU

You can deduct the premiums for insurance coverage on your rental property for the current year. If your policy gives coverage for more than one year, you can deduct only the premiums that relate to the current year.

Deduct the remaining premiums in the year or years to which they relate.