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I live in my parents house in BC and run a business out of it. I pay a portion of the mortgage. Can I claim that "rent" on my business tax expenses?

I am wondering mostly because I believe its a "cost sharing agreement" and am not sure if I can claim the rent if they aren't claiming it as income.
3 Replies

I live in my parents house in BC and run a business out of it. I pay a portion of the mortgage. Can I claim that "rent" on my business tax expenses?

Claiming the expense on your business requires availability of receipts from your parents.

 

Thank you for choosing TurboTax.

I live in my parents house in BC and run a business out of it. I pay a portion of the mortgage. Can I claim that "rent" on my business tax expenses?

Would them producing a receipt change it from being a cost sharing agreement in any way?

I live in my parents house in BC and run a business out of it. I pay a portion of the mortgage. Can I claim that "rent" on my business tax expenses?

As per claiming a business expense while in a cost sharing agreement, you should contact the Canada Revenue Agency to clarify this at 1-800-959-8281.

 

Thank you for choosing TurboTax.