We need to claim major renovations/build for a business. There is note under general repairs and maintenance that there is another part to claim it, but I don't see it.

Forum|Forum|2 years ago
April 26, 2023
1 reply
0 views

No text available

fraser123

Hi there.

Major improvements/renovations for your business property would be considered to be an increase to the value of your capital asset (building) rather than a current expense. You would then be able to depreciate (expense the use of the building) the asset by claiming capital cost allowance (CCA) as an expense.

For more information, see the CRA's webpage on CCA: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/report-business-income-expenses/claiming-capital-cost-allowance.html

For information about how to enter this information in TurboTax, see our information page on Capital Cost Allowance here: https://turbotax.intuit.ca/tips/capital-cost-allowance-explained-3952

Hope this helps.

Fraser