I would like to know what is best to do in my situation.
I own a property in Cold Lake, Ab and in October 2009 I relocated to Fort Mcmurray for work and was renting an appartement until March 2010 when I bought a condo here in Fort Mcmurray while I still kept renting my residence in Cold Lake.
Now I would like to know if it is better for me tax wise to use the "no change in use" election with the Canada Revenue Agency or to do the "change in use" and pay the capital gain as it says in this articles ( A change in use will generally cause a deemed disposition of the property (or a portion of it) at fair market value under Canadian tax law. If the property has appreciated in value, there may be tax to pay on the capital gain)
I would like to have inputs on what is best to save taxes.
Thanks
I own a property in Cold Lake, Ab and in October 2009 I relocated to Fort Mcmurray for work and was renting an appartement until March 2010 when I bought a condo here in Fort Mcmurray while I still kept renting my residence in Cold Lake.
Now I would like to know if it is better for me tax wise to use the "no change in use" election with the Canada Revenue Agency or to do the "change in use" and pay the capital gain as it says in this articles ( A change in use will generally cause a deemed disposition of the property (or a portion of it) at fair market value under Canadian tax law. If the property has appreciated in value, there may be tax to pay on the capital gain)
I would like to have inputs on what is best to save taxes.
Thanks