@Nawal I have the same question with @Maggie007. I am using Ufile windows version.
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You are considered to have disposed the property at the time of the change in use for proceeds equal to its market value (FMV), and to have reacquired the property immediately thereafter at a cost equal to its market value. So it result in a capital gain you must report but with an exemption and a rental income .
I agree with what you said. To change my principle residence to rental property, I need to file change in use and put my FMV (Fair Market Value). It is deemed disposition.
But my question is where/which textfield should I file the FMV value technically using Ufile windows version to inform CRA I am not actually selling the principle residence but just converted to rental property for deemed disposition? I understand the theory but need a bit more step-by-step guidance to that text field.
2019 selling of house
in Reporting income
Posted
@Nawal I have the same question with @Maggie007. I am using Ufile windows version.
I agree with what you said. To change my principle residence to rental property, I need to file change in use and put my FMV (Fair Market Value). It is deemed disposition.
But my question is where/which textfield should I file the FMV value technically using Ufile windows version to inform CRA I am not actually selling the principle residence but just converted to rental property for deemed disposition? I understand the theory but need a bit more step-by-step guidance to that text field.
Thanks,