My client bought an investment property in late Nov 2019 and finish fixing it by end of Dec 2019. So no income in 2019 but repair and legal expenses( transfer fee, etc).
How can he claim these expenses? Can he claim these expenses in 2020 tax return against renal income for 2020 as there is no rental income in 2019.
Most likely as an increase to the cost of the property.
@msbuttar
Until the asset is “available for use”, most expenses should be capitalized in the cost of the asset. Similarly, you can’t claim CCA on an asset until it is available for use.
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