I’m the sole director of a corporation and work out of my home (was previously a sole proprietor). Been reading here on the most appropriate way to claim the appropriate portion of gas/electricity/property tax/etc. It seems the consensus is for me to charge the corporation rent equivalent to the expenses (using GIFI 8911), then claim this income on my T776 with the expenses offsetting the income.
Out of curiosity I scheduled a CRA Liaison Officer call and suggested this course of action. They informed me if I was going to charge rent to the corporation it would have to be at fair-market-value per square-foot (not just charging for expenses). This seems a little ridiculous to me. If I’m not trying to claim a loss on my T776 why could I not just charge whatever value I want?