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Level 2
posted Jan 28, 2025 7:13:39 PM

Change in Use of property from personal use to income producing Airbnb and 45(2) Election

1) How do you file the 45(2) election letter if you are Net filing the return?  Is electronic filing accepted for the 45(2) election letter or is paper filing via mail still the only option accepted by the CRA?

2) Does Schedule 3 (Capital Gains and Losses) need to be completed for the deemed disposition of the property even though a 45(2) election is being filed to deem the change in use not to have occured? ( and defer the capital gain)

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1 Replies
Moderator
Jan 29, 2025 4:04:24 PM

Please refer to this CRA link. For more information on this please contact CRA directly.

 

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