Closing on my first deal! · (Free) Canadian Real Estate

Closing on my first deal!

Hello to the community, I'm excited to join the conversations here. I will be getting the keys to my first home which is 30 minutes outside of Victoria BC. I currently work for a finish carpentry company, and would like to take on the majority of the work ( trim, drywall, painting, siding, tiling) at my new home. I intend on starting my own company , and would like to add a suite to the garage, as well as possibly another small home on the property. Very unique situation with the home, it was sold as 0 bedrooms because the shop does not have final occupancy. The property is on well and septic (septic has no permit currently). I will need to update the septic to do any permitted construction, and I've read that you can't have an ADU if you're on a well.

I hope to write-off some of the expenses for my renovations, but will not be making rental income just yet, so no I don't know if I'll be able to do it through a rental income business , but if I "hired myself" as the carpentry company to do the work, would that be the easiest way to write off some of the materials and expenses?

Sorry that's a lot but it's a very unique 1 acre property, that will have great value when it is done. I'd love to hear any ideas on how to approach these challenges, and will be looking to connect with an accountant or someone who may be able to advise me on some of my future challenges.

7 comments