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eli1234

TP-274 & T2091: Designation of property as principal residence

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Hello,

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:

  1. 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?
  2. 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...
  3. 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

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