Can I claim expenses (renovation or otherwise) for a renovation I am completing on my property to prepare it for rental for the first time?

Yes, you can claim your expenses, and looking into your options is always a wise thing to do as per our TurboTax article Dos and Don’ts: CCA for Rental Property Explained

Claiming renovations for rental purposes, if the rental is part of your principal residence and taking any Capital Cost Allowance (CCA), may have tax implications if you ever sell your home.

Renovations are capital in nature which means that these expenses are added to the cost of the home itself and then expensed over time as a Capital Cost Allowance (CCA). 

You can claim other expenses such as paint as "current" (non-capital) expenses.

Please see the links below for additional information:

Change in use of a property as per the Canada Revenue Agency (CRA)

Current and Capital Expenses as per CRA

Capital Cost Allowance (CCA) for rental property as per the CRA

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