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Not usually — the CRA treats most basement renovations as personal improvements, not deductible expenses. That said, you may qualify for real money back: the federal Multigenerational Home Renovation Tax Credit offers up to $7,250 for projects that create a self-contained suite for a family member, and if you’re renting out the finished space, a portion of the renovation costs can be deducted against your rental income. Talk to a tax advisor before you start — what qualifies depends on how the space is used. (This is general information, not tax advice.)