Are renovations tax deductible in Canada? I’m curious about the rules for personal use versus rental properties, and if there are any credits for home accessibility improvements. What should I keep in mind?
In Canada, renovations aren’t typically tax deductible for personal use homes. But for rental properties, you can often deduct expenses. Home accessibility renovations may qualify for a tax credit under the Home Accessibility Tax Credit. Always keep receipts and consult a tax professional for specifics on your situation!