Dear fellow Canadian hosts,
In 2018 I became a new airbnb host and quickly it is tax season as the year grounding down.
To my understand, regular expenses like labor, hydro, water, interests, property tax can be completely deducted but what about the costs of new appliances and home reno? This year I did multiple upgrade include bathroom, insulation, and purchased full set of new stainless kitchen appliances. How should I deduct those costs?
A little detail about my property: it is my vacation property, (so not my principle residence)
Thank you in advance!