I converted my principal residence starting Oct 2018 to a rental property when I moved to my current principal residence. I never knew about the form 45(2) so never filled it till date. I have always reported all rents to CRA starting 2018 and I thought that would have been enough but obviously was a mistake
I know I have to pay $8000 penalty for late filing if I were to file the form 45(2) today
I am actually thinking to not file now and file ultimately when I decide to sell the property few years down the line and pay the penalty then considering when I will sell I will have cash at hand, is this the right approach?