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westobyhome
February 27, 2023
Question

In 2021 / 2022 we completed and rented a suite in our basement - what renovation costs (eg LOC interest for reno loan) can we claim as current costs (not claiming CCA)?

  • February 27, 2023
  • 1 reply
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We began renovations in 2020 using money from our mortgage, and used a contractor for the work - can we also use the mortgage and loan interest over that period as a current cost listed as a construction soft cost?

    1 reply

    TurboTaxSusan
    TurboTaxSusan
    May 4, 2023

    You can't deduct the repayments of principal on your mortgage or loan, only the interest.

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