Can a construction company claim capital cost allowance when it vacates the basement of a shareholder's personal residence?
Canada (Federal), Canada
The following excerpt is from Wise v. The Queen, 2019 TCC 196 (CanLII):
In Melançon v. The Queen, 2018 TCC 73, (“Melançon”), the shareholder’s construction company completed leasehold improvements and occupied the basement of the shareholder’s personal residence. It then claimed capital cost allowance of the value of the improvements over a three year period before vacating and leaving the improvements intact.
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