How do I enter expenses for my basement Rental?

That is correct.  For expenses you would enter the expense, ie hydro, for the whole year and then under personal percentage you would enter the percentage of the house that you occupy.

Does  That mean that I.E. the rental is 20% of the home, i put in the total hydro for the year, and then if i own the home with my wife (co ownership) i would enter 40% on my personal % part ,and 40% on hers.?

You would show the rental as being a partnership/co-ownership and put in the details of other owners (your wife).  Then enter the details of expenses showing that 80% was personal.  The TurboTax program will do the rest showing half of the profit or loss on each return.