Can I deduct my legals fees, welcome tax etc when I bought a condo for investment purposes?

Answer

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If you bought it as a rental property and the legal fees are related to the acquisition of the property, they are not claimed as expenses against income, but added to the capital cost of the property:

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/bt/rprt/xpns/ln8860-eng.html

I could not find anything related to the welcome tax, but as it is a cost directly related to the transfer of ownership, it stands to reason that the same principle would apply.

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rhino , emptor criticus

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