When there is a change in use of real estate, either from income-producing to non-income-producing personal-use (e.g., principal residence or cottage/second home), or from personal-use/non-income-producing to income-producing, there is a deemed disposition. The owner is deemed to have disposed of the property (land and building), and to have immediately reacquired it, with both transactions done at fair market value. For more information please refer to CRA: Changes in use of your property
Complete Schedule 3 to determine what you need to report. This form has eight different sections devoted to different types of capital property, which will then calculate your capital gains to be reported on line 12700 of your income tax return. Proceeds of Disposition
However we would like to notify you that Schedule 3 is locked by CRA and not finalized by CRA yet. Please refer to this link Why does TurboTax say my forms are locked or haven't been finalized?
We do not have any ETA on this yet but as soon a these forms gets finalize we will be updating them in TurboTax for an accurate calculations.
We appreciate your patience.
Thank you for choosing TurboTax.
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