Business Premises Renovation Allowance
Owners of a dilapidated or unused business premises would normally have to capitalise the cost of initial renovation and conversion work. This expense would be allowable as a capital expenses but would be disallowed for the year to year income tax calculations. The Business Premises Renovation Allowance allows owners to claim the renovation costs as an expense to be set against the income from that property on their annual Income Tax Returns, even if they rent the property out to another business. This allowance is coming to an end at the beginning of…continue reading →