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Rental Property to Principal Residence Status change reporting


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We purchased a property in 2016 and rented it out until 2020 and then we moved into the property. We did not own any other property during this time. How would I report this change of use in Ufile and use the principal residence exemption for any capital gains deemed when the change of use occurred? 

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If it was declared as a rental property since 2016, you need to declare it as a final rental in 2020 on the T776. Then you should obtain an appraisal for Fair Market Value, since you are changing its use. You will need the FMV as of 2020, when you sell it in the future as you principle residence.

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