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February 24, 2022
Question

Can I claim condo expenses like interest paid to builder and utilities since interim closing last July? Can't rent it yet till final closing which is still pending.

  • February 24, 2022
  • 1 reply
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    1 reply

    April 24, 2022

    According to the Canada Revenue Agency (CRA), You are not allowed to claim deductible expenses on your interest or utilities until the property has been given authorization that it is livable and able to be rented. Since you've stated you cannot rent it out yet, it is not a rental property, and does not earn income yet, so you cannot claim any expenses. However, the moment it is rent-able you may start accruing your condo expenses so that they can be deducted. For more information, check out: Canada Revenue Agency - Rental Income

     

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