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Principal Residence Change in Use Election

If you convert your principal residence into a rental property there is deemed change in use and any future increase in value will be taxable. The deemed disposition of the principal residence would also have to be reported. However an election can be filed under subsection 45(2) of the Canadian Income Tax Act for the change in use rules not to apply.

Disclaimer:

"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

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