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M
Mitmaster
Level 1
April 7, 2021
Question

Election 45(3)-change in use from Income producing property to persona l residence

  • April 7, 2021
  • 1 reply
  • 5 views

Hi, I need some clarification about S.45(3) election. If the status of Income producing property is changed to principal residence, when should we report the election S.45(3) to CRA? is it within 90 days after change of status or when the property is actually sold?

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1 reply

J
janisbossenberry
Level 7
April 7, 2021

You do the 45(3) election on or before the filing due date for the year in which the property is actually sold.  The only time the 90 day limit comes into play is if you receive a demand from CRA for the election (which I have never seen happen).

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