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Thread: Alberta Landlord / Tenant Questions / FAQ

  1. #201
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    Yea, I didn't file that form.

  2. #202
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    Keep us posted on how this plays out. I'm in a similar sitchualtion, but don't plan on selling until retirement maybe....who knows what the future will hold tho

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    MisterMan

  4. #204
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    Quote Originally Posted by sabad66 View Post
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    If I remember correctly from my similar situation, You should have filed the “change in use” form or something when you converted it to a rental. So you need to use whatever value was declared at that point which should be market value not assessed value.

    It would have been declared as a rental when they would have filed the taxes noting an address change of the primary residence and claiming income/expenses from the rental. But yes, if there was periods of time when it was "unoffically" a rental they would have to either use the value at that date OR amend previous returns to include the missed income.

  5. #205
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    I declared the rental income, but didn't file the form I guess, maybe I did, but I didn't declare a value. Maybe I will have to pay an accountant this year.

  6. #206
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    Quote Originally Posted by dirtsniffer View Post
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    Sold our rental property in 2022, started renting it in 2019 but it was our primary residence from 2012 to 2019. Can I use the city tax assessment value to show the increase of value between 2019 and 2022 to base my capital gains on?
    I went through this about 5 years ago. I asked my realtor for some comparable sales for when it converted from primary to rental. I provided those numbers to my accountant and everything worked out fine. It was never questioned and no change of use form.

  7. #207
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    Ugh, guess I will have to do this as well. Hopefully its easier as I sold my unit for less than I purchased it for some 15 years ago. Great Investment.

  8. #208
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    Not an expert but I was basing all my actions on the guidance here:

    https://www.canada.ca/en/revenue-age...residence.html

    Just checked my tax return from the year I made it a rental and I did fill in that T2091 form. If I remember correctly, my tax program asks a question “did you dispose of a primary residence in <year>” and then it would ask for details (year purchased, proceeds of disposition) and it would include the form. Double check if your tax program did it automatically behind the scenes if you don’t recall explicitly doing it

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    Timely as I'm looking at this as well. Bought the condo in 2011, rented for a few years in there, moved back in 2021 and sold in 2022 for less than I paid (also great investment).
    Ultracrepidarian

  10. #210
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    Trying to get a head start on taxes with sale of rental last year. When calculating capital gain/loss on rental, what are people using for selling costs (that would be deducted from the gross proceeds)? So far I have:
    - legal fees
    - realtor commission
    - mortgage penalty
    - condo docs fee (fee to condo mgmt company for providing docs to buyer)

    Anything else I’m missing for costs incurred to sell?

    I did buy a few things like paint and other maintenance items to spruce the place up, but I figured I’d put those under rental costs since I was essentially fixing wear and tear from the tenants. I think that’s a better strategy but curious if there are different opinions

  11. #211
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    did you take that opportunity to upgrade and spruce up your house? Write that stuff off.

  12. #212
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    This dude I work with is a very new Canadian and he said his landlord is increasing his rent by something like 40%.

    I assume that's illegal in such a steep increment. Could anyone more familiar, please link me to the right thing so I can help this poor guy out?

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    Quote Originally Posted by ThePenIsMightier View Post
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    This dude I work with is a very new Canadian and he said his landlord is increasing his rent by something like 40%.

    I assume that's illegal in such a steep increment. Could anyone more familiar, please link me to the right thing so I can help this poor guy out?
    https://www.landlordandtenant.org/no...rent-increase/
    Quote Originally Posted by DonJuan View Post
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    Came back to ogle 2Legit2Quit wife's buns...
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    They're certainly big, but I don't know if they are the BEST I've tasted.

  14. #214
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    Quote Originally Posted by ThePenIsMightier View Post
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    This dude I work with is a very new Canadian and he said his landlord is increasing his rent by something like 40%.

    I assume that's illegal in such a steep increment. Could anyone more familiar, please link me to the right thing so I can help this poor guy out?
    Its not. There is no limit on rent increases.

    The only thing that is stipulated is when rent increases can occur.

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