TAX QUESTIONS? YOU ASK LAH!

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Q: The electrical appliances and furniture in my rented out fully furnished apartment were damaged. Can I claim tax deduction on the replacement of these electrical appliances and furniture?

A: Yes, replacement of electrical appliances and furniture that were originally provided in the rented out property is allowed as a deduction against the rental income as the replacement costs are considered repair and maintenance expenses of the rented out property. 

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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