- Joined
- Jul 16, 2006
- Messages
- 14,627
- Reaction score
- 2,057
Can you claim lawyers fees when you buy and house? And can you claim the interest on your mortgage? I've been hear conflicting stories on this. Thanks
I'm afraid not but if you use your house for business purposes you can claim mortgage interest for the portion you used for an office or equipment storage or whatever. It's calculated on the percentage of square footage you use for business.Can you claim lawyers fees when you buy and house? And can you claim the interest on your mortgage? I've been hear conflicting stories on this. Thanks
When I ran a home based consulting business, the person I spoke to at Revenue Canada said percentage of rooms, not square footage. 1 room out of 5 and you get 20%, even if that room is 6x10 in a 1500 sqft house.I'm afraid not but if you use your house for business purposes you can claim mortgage interest for the portion you used for an office or equipment storage or whatever. It's calculated on the percentage of square footage you use for business.
H-m-m, my accountant based it on square footage. Good to know.When I ran a home based consulting business, the person I spoke to at Revenue Canada said percentage of rooms, not square footage. 1 room out of 5 and you get 20%, even if that room is 6x10 in a 1500 sqft house.
H-m-m, my accountant based it on square footage. Good to know.