Quote:
Originally Posted by flamingchina
We're looking to sell our condo, which we've been renting out since we moved out of it ~11 years ago. For capital gains, Can we take the city assessment from when we moved out as the value of it at that time, or are we able to get it assessed for a previous year?
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You don't usually want to use the city assessment. CRA may not recognize it and it's often low. Get a third party appraisal as of the date of the change of use (11 years back). It's like $350-550 and it'll save you far more than that in CRA grief.
CRA is finding new chaos. Today, I discover someone who was assessed and reassessed for their 2024 return 4 times within a week this April. That's not efficiency. That's a special type of wheel spinning.