Quote:
Originally Posted by Bobblehead
When the property becomes a rental property it undegoes a change of use, and the gains you pay tax on are from that time. You should try and get some sort of appraisal to verify the value you are assigning at that point. If you don't get an appraisal, you will need to look at similar sales to get the value, and CCRA may decide on a lower amount (meaning greater gain in the end). If you get some values when you move, it can prevent a whole lot of possible futuer headaches, and with the increase in provery values in Calgary, I'm positive there will a few cases that end up going to tax court.
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Get the appraisal to save you a world of headaches.... $400 is what my guy just charged. Far more concrete than you pulling a bunch of comparables at your time of sale, and can potentially save you tons.