We are reconstructing a home if we decide to sell it right away do I claim all expenses of renovation from previous years on the year it sells?
Whether you decide to sell your home or rent after you complete the reconstruction, you will not be able to claim any of the renovation costs as "current expenses". These costs must be added to the "Capital Cost" or "Adjusted Cost Base (ACB)" and can only be used for depreciation purposes or to reduce any Capital Gains you may incur upon selling it.
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