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Showing results for tags 'principal residence'.
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eli1234 posted a topic in Reporting incomeHello, this is with regards to the designation of property as a principal residence forms? I'd just need confirmation of what I've understood as it is my first time going through that: I sold a property that was an inheritance from my deceased mother... I sold it in 2017, acquired in 2015, but it was my principal residence from 2003-2011. If I understand well: I need to complete both forms T2091 (CRA) and TP-274-V (Quebec) on paper because UFile doesn't allow such to be sent electronically, this is right? What is the "year a real servitude encumbering the property was established" (T-274-V, line 31)? I keep reading the descriptions online, but the jargon is confusing me... After completing the forms, I have a capital gain in T2091, but no gain in TP-274. Something seems wrong. The difference seems to be the questions asked around the number of years designated as principal residence. In T2091, I filled in 0 years as "I hereby designate the property describe to have been my principal residence for the following number of tax years ending after acquisition date" (as I didn't live in there anymore after I acquired it) In TP-274-V, I put 8 years as number of years the property was designated to be my principal residence (2003-2011) in line 42 Am I missing something? Thanks to the community, Eli
Markbo posted a topic in Reporting incomeI rented out my principal residence for a few months in 2015 while I was away for work reasons, so I'd like to make an election under paragraph 45(2) of the income tax act that the property use has not changed. The purpose is that the home remains my principal residence, I don't want to be charged capital gains tax, and I don't want to have to repay the outstanding amount in the Home Buyer's Plan right now. Does anybody know how to do that in Ufile? The rental income pages are pretty clear otherwise.
nigelwong posted a topic in Reporting incomeHi, I am trying to report the selling of my apartment. The apartment was purchased in 1999 and it was my principal residence until 2006. since then it has become a rental property. I sold it in 2015, so the captial gain calculated from the selling price - the fair market value in 2006. How do I go about doing that in UFile. Please help. Nigel