T776- Statement of Real Estate Rental;- Gift Rental Property to co owner.
Gift Rental Property (Building) to Co-Owner.
He would have to report the disposal of the building on Schedule 3 (capital gains/losses).
If you husband is no longer going to receive rental income from the building, then he would have to fill in a T776 for the property and indicate it’s the final year of operation. He would also have to dispose of any CCA assets related to the building.