According to the Canada Revenue Agency (CRA), A Capital Gain/Loss can only occur when something has been bought and then sold. Since you are renting out the apartment, you probably still own it and haven't sold so you don't need to declare any capital gain. However, you need to report your rental income (Minus Expenses) as a 99% owner on your return, and your spouse would report their rental income (Minus Expenses) as a 1% owner along with their portion of the payments/earnings.
For Capital Gains information, check out: Canada Revenue Agency (CRA) - Capital Gains
As well as: Canada Revenue Agency - Reporting Rental Income
Thank you for choosing TurboTax.
@Antomeister Thank you!! I was thinking this after diving into the CRA site after asking my question, but I wasn't 100% sure. Thanks again!!
Ayad1
Level 1
Ayad1
Level 1
nicholasaidan
New Member
user2506321386
New Member
Greg105
Returning Member
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.