Personal Finance

Can landlord deduct conferences or expenses shopping for a property as expense?

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  • Feb 3rd, 2015 6:01 pm
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[OP]
Deal Fanatic
Oct 1, 2004
6650 posts
986 upvotes
Toronto

Can landlord deduct conferences or expenses shopping for a property as expense?

as a landlord can I deduct automobile expense for kilometres I used to attend open houses?

And can I deduct expenses for attending real estate conferences in another city? Such as REIN meetings?

The CRA website only says I can attend up to two conferences relating to my business and for motor it states I can only claim auto expense to supervise repairs and such?

Do any landlord deduct on their taxes the above two situations?
4 replies
Deal Expert
Aug 2, 2001
17599 posts
8251 upvotes
I would contact the CRA because this is their area of expertise. If you can do it sooner than later, they will not as busy.

People deduct all sorts of things on their taxes because it works on an honour system (they do not verify upon submission, they sometimes take years (if ever) to verify). I would focus on what the CRA says, just because others deduct something does not mean you should.
[OP]
Deal Fanatic
Oct 1, 2004
6650 posts
986 upvotes
Toronto
The General CRA line took 30mins to get a live person, the person basically read what it said on the website...

In logic I should be able to deduct it, because it is a expense I use to acquire more rental properties...
Deal Guru
Feb 9, 2009
12324 posts
11128 upvotes
Just deduct it ... If they say no in the future you'll just pay taxes on what's owing ...
Deal Addict
Dec 26, 2009
2902 posts
1594 upvotes
CRA is pretty specific about which motor vehicle-related expenses they will allow, and conferences & scouting are not covered.

I do agree with you in principal but these functions aren't explicitly allowed. Similarly, taking a personal finance or investment course wouldn't provide a deduction (though it may provide a credit) to the average person even though they may allow you to earn more and thus pay more tax.

Also, check out how mileage is calculated on T4002... it's a lot of work keeping track and may not be worthwhile if it's done honestly - though it depends a lot on your personal:business travel ratio.

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