For rental property expense, is renovation considered as capital expense? Rental property mortgage interest payment (total in a year) is current expense?
For rental property expense, is renovation considered as capital expense? Rental property mortgage interest payment (total in a year) is current expense?
For rental property expense, is renovation considered as capital expense? Rental property mortgage interest payment (total in a year) is current expense?
Generally, “renovations and repairs that extend the useful life of your property or improve it beyond its original condition” (Canada Revenue Agency) are deductible as capital expenses.
Claim the full amount of expenses if it is for a rental property, but only a percentage if it is for part of your principal residence.
Yes, the total in the tax year is the current expense.
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