Sale of principal residence, line 179 option 2

Forum|Forum|2 years ago
January 12, 2024
1 reply
5 views

Where in Profile do I make the adjustment for the number of years my current principal residence did not qualify (was renting). Lived in it for 6 yrs rented for 5 yrs and lived in it again for 7 yrs.

Do not see on T2091 where I can enter the years it qualified for Principal residence in order to lower capital gain.

ProFile (Canada)

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Best answer by Mario B

On box 22 it will show up the numbers of years from line 7, and box 7 is the total number of years you owned

as per the election, it will not show up in Profile.

M

Mario B

Level 11

I think you should have filled out that form in the past (I might be wrong though) because when there is a change of use on a property, you are considered having sold the property. Please visit this link, and you might have to ask CRA

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/principal-residence-other-real-estate/changes-use.html

L

ldres1985Author

Level 4

You can file election 45(3) to defer taxable capital gain until actual disposition of property.

I am not sure where or how i show this on sched 3 or form T2091.

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