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| *The Commerce Journal>>>Canada Taxes |
Selling rental property? |
I currently own a rental property here in Calgary. The property was originally my primary residence for more then a year. I have been renting the property out for 3 years, now a friend is telling me that even if I move back to the house and make it my primary residence I will have still have to pay capital gains when I sell this property. Is this true? http://www.cra-arc.gc.ca/tax/individuals... You can file an election under the Income Tax Act to designate the property as your principal residence for up to 4 years, or beyond that if certain conditions are met. You have to report the income, and you can't have claimed any CCA on the building for that time. in america it needs to be a pri residence for 2 yrs or else you need to do a 1031 xchange to avoid taxes. at least youall have socialized medicine! Hello, The only thing I would add to Blondi's post is that the property you were living in while renting out the income property would not be able to be your principal residence as well should you make the election. If you were renting then that's fine, but if you purchased and are going to be selling to move back to the original property there will possibly be a gain on that transaction. Cheers! CGA in practice 10+ yrs experience |
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