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P
Peter Sin
Level 1
April 23, 2023
Question

I filed 45(2) election 4years ago, now I move back and is selling it, what letter do i file?

  • April 23, 2023
  • 1 reply
  • 4 views

Hi.  I rented out my principal residence and rent in a condo around 4 years ago (July 2019), I filed my 45(2) election in same year already.  I moved back on Feb 2023 ( 3-yr and 7m afterwards), and just sold my principal residence. So the question now is what election do I need to file to inform CRA?..so that my sales would not be considered taxable.  There is limited resources on the web on what to do in this case.

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1 reply

J
janisbossenberry
Level 7
April 24, 2023

You report the sale of a principal residence on the Schedule 3, and complete the S3PrincipalResidenceDetail.  You will also be putting information on the T2091.  Since you made the election, you will be able to claim the exemption for all year as it was a principal residence before you rented it, the election gives you the 4 years, and was a principal residence after you moved.  No other election or letter is required, just fill in the forms as described on the form S3PrincipalResidenceDetail.

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