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takinghits · 12-17-2014, 08:00 PM

http://www.cra-arc.gc.ca/tx/ndvdls/t.../menu-eng.html

Provides good information.

"Every time you change the use of a property, you are considered to have sold the property at its fair market value and to have immediately reacquired the property for the same amount. You have to report the resulting capital gain or loss (in certain situations) in the year the change of use occurs."

If this all happened during fiscal 2014 then you can argue the FMV did not alter significantly over those few months where you had two houses.

12-17-2014, 08:00 PM	#4
takinghits Draft Pick Join Date: Apr 2013	http://www.cra-arc.gc.ca/tx/ndvdls/t.../menu-eng.html Provides good information. "Every time you change the use of a property, you are considered to have sold the property at its fair market value and to have immediately reacquired the property for the same amount. You have to report the resulting capital gain or loss (in certain situations) in the year the change of use occurs." If this all happened during fiscal 2014 then you can argue the FMV did not alter significantly over those few months where you had two houses.