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.

257

Moderator

Apr 23, 2023 9:35:26 AM

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

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