Your basement could cut your tax bill — legally. 1. CRA lets you deduct property taxes, utilities, insurance, and mortgage interest — but only your proportionate share based on square footage, typically 25–40% for most basement suites. → 25–40% 2. To find your exact deduction percentage, divide your basement’s square footage by your home’s total square footage — a verified example puts this at 33.3%, generating $3,168 per year in mortgage interest deductions alone. → $3,168/year 3. Capital expenses like major renovations or new appliances can’t be fully written off in one year — they must be claimed gradually through Capital Cost Allowance, so don’t lump them into your current expenses. 4. Keep every receipt and record for at least six years — CRA can audit any deduction you’ve claimed, and missing documentation is one of the top mistakes that triggers a review. → 6 years Full guide 🌐 getwealthy.blog #canadafinance #personalfinance #canadianmoneytalk #moneytips #canada
Certified Financial Planner (CFP) and Chartered Investment Manager (CIM) with over 17 years of experience in Canadian personal finance. Spent 10+ years at one of Canada's Big Five banks, the last 7 focused exclusively on high-net-worth clients. Every guide is written with the same depth I bring to real client work — Canada-specific, CRA-verified, and always free.