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New Member
posted Jan 30, 2023 2:20:53 PM

Should i enter monies received on a rent to purchase agreement as income?

do I report as income or sale of principal residence?

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1 Replies
Moderator
Jan 30, 2023 3:02:14 PM

It depends. If you are renting to someone and giving them an option to purchase, then there is no sale until they take that option. But if you have an agreement/contract that specifically says they are going to become the owners of the house, then you have a sale. 

 

Either way, you should contact the Canada Revenue Agency at 1-800-959-8281 to verify how you need to report this transaction.