I did renovation on my parent's rental property. All receipts under my name. House is under their name. Who claims?

Hi there!  I could use any general advice and working ideas.  Please dont give the standard "seek out an accountant" reply.  I am more than aware of that but i want to do my own research first and get some ideas of my options from you gurus.

Anyway,  I went a bit all out in 2014 and did about $90,000+ on housing renovations for my parent's rental property (it's a 3 unit house). I didn't realize i was spending so much until just today when i sat down with a calculator. So i was wondering are there any tax deductions i can apply for on my income tax return for 2014?

This property is not owned by me or anything so I don't expect i will be able to get any tax deductions at all which doesn't bother me but felt i should ask you in case i might be leaving something on the table during tax time.

Alternatively, if i am not able to get any tax benefit for myself because this rental property is not owned by me, can i apply any of these benefits to my parent's return even though it was 100% of my own money being used?  I did not gift the money beforehand so all receipts show payments made on my credit cards.  Would CRA allow these receipts to be seen as current/capital expense costs for this rental property even though the are all under my name, not my parent (who owns the property)?

Thanks for any info


Answer

Renovations were only allowed to be claimed for a tax credit a few years ago.  This is no longer eligible for the 2014 tax season.  

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