Alberta Landlord / Tenant Questions / FAQ

[dirtsniffer]

Yea, I didn't file that form.

[arcticcat522]

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

[ThePenIsMightier]

MisterMan

[spike98]

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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.

[dirtsniffer]

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.

[roopi]

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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.

[R-Audi]

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.

[sabad66]

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

[msommers]

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).