2 posts in this topic

I bought a house in 2008 and lived there till 2016. At that point, I bought a new house and converted the original house to a rental property. For this, I need a deemed disposition for my first house since I get the capital gain exemption from 2008 to 2016 and will need to pay capital gains from 2016 onwards until I sell the house. I have filed out Schedule 3 accordingly 

 

Ufile tells me that I must print and post the form T2091 it generated for me. I find this a little strange given that CRA's website says otherwise in my case.

 

From: http://www.cra-arc.gc.ca/E/pbg/tf/t2091_ind/t2091ind-16e.pdf

 

"Attach a copy of this form to your return to designate the property as your principal residence for some but not all of the years you owned it and to calculate the capital gain that has to be reported. If the property is designated as your principal residence on Schedule 3, Capital Gains (or Losses), for all the years in which you owned it, you do not complete this form. However, in all cases, report the sale of your principal residence on page 2 of Schedule 3. If you file your return electronically, send a paper copy of this form to your tax centre."

 

I believe that UFile should NOT have filed out the form T2091 for me and I should not have to send this form to CRA. However, since I have already submitted my return, my question is: do I mail T2091 as requested?

 

Any guidance would be most appreciated.

 

 

 

 

 

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From what I read, I do not believe you need to send anything unless requested (please verify).

 

http://www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/fl/flrtrns-eng.html#h3

 

"All other documentation used to prepare the return (excluding "elections" as discussed above) is to be retained and sent to the CRA only if requested."

 

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I am in the exact same boat. I lived in a house from 2011 to 2016 and bought a second house and transformed my original to a Rental. 
I do not see where in ufile I can file the "deemed disposition".  

I had appraised the house last year before I had rented out and have the FMV.
I am unsure about how to submit or declare this deemed disposition and change of use on Ufile.  
Where in Ufile did you find the schedule 3 form? Did you just fill up  "Personal use property" under "Capital gains (or losses) & ABIL" ? Could you please let me know the process? 

 

I am also repaying HBP, but I read somewhere that the use to a rental property could trigger a treatment as "deemed disposition," which would require immediate repayment of the outstanding amounts under the HBP. Do you know anything about that ?

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