No, basement renovations aren’t tax-deductible in Canada. Home renovations that add value to your property aren’t eligible for deduction. Moreover, home updates that increase the value can also increase your taxes. However, there are a few instances in which your basement renovation might be eligible for tax deduction:
- A home office used solely for working
- Home improvements that cater to family members with special medical needs
- Energy-efficient appliances and building materials might be eligible for a tax credit
