Can I write off the reno to start renting my basement?


Here's what to read:
 
T4036 Rental Guide
http://www.cra-arc.gc.ca/E/pub/tg/t4036/README.html

Line 9949 – personal portion of expenses
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/bt/rprt/ln9949-eng.html

Changing part of your principal residence to a rental or business property
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/127/rsdnc/chngs/chngngprt-eng.html

Expenses you can deduct - current
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/bt/rprt/xpns/menu-eng.html

Current or capital?
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/crcp-eng.html

Capital expense definition: improving your property is capital
http://www.cra-arc.gc.ca/tx/bsnss/glssry/c-gn-eng.html#Cptl_xpns

Capital expenses – special situations
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/cptl-eng.html

T4037 – Capital Gains
http://www.cra-arc.gc.ca/E/pub/tg/t4037/README.html

IT120 – Principal residence
http://www.cra-arc.gc.ca/E/pub/tp/it120r6/README.html

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