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jl202304
New Member

I bought my first rental property in 2022. Can I add legal fees and other expenses (ex. tarion warranty) as building cost?

Hi. I bought my first rental property (condo unit) in 2022.

I'm confused if I can add legal fees and other expenses (i.e. Tarion Warranty, Installation of Electricity Meter/other required equipment for closing condo) into building's cost in Capital Cost Allowance section. Or should I write equipment cost separately in the equipment section of CCA? 

 

Note that all equipment installation I am talking about here was required by Condo, not my personal preference/favor.

 

Thank you.

1 Reply

I bought my first rental property in 2022. Can I add legal fees and other expenses (ex. tarion warranty) as building cost?

Yes, you can claim legal fees and the installation of things like electricity meters as part of the cost of your condo.