Hello, I am self employed and spent over 3k to build an office in my basement this year, can I claim this amount in the Expenses which you incurred for office space Only

Yes, you can claim the amount for business-use-of-home expenses

You can deduct the cost of labour and materials for any minor repairs or maintenance done to property you use to earn business income.

However, you cannot deduct any of the following:

• the value of your own labour
• the costs you incur for repairs that are capital in nature (capital expense)
• the costs you incur for repairs that have been reimbursed by your insurance company

For repairs that are capital in nature, you can claim a capital cost allowance.

You have to claim the maintenance and repairs related to business use of workspace in your home as business-use-of-home expenses.

For more information, please see the Canada Revenue Agency (CRA) link as Repairs and maintenance

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