{"id":2343,"date":"2022-01-20T17:00:46","date_gmt":"2022-01-20T17:00:46","guid":{"rendered":"https:\/\/bzaccounting.ca\/?p=2343"},"modified":"2022-08-05T15:19:57","modified_gmt":"2022-08-05T15:19:57","slug":"news-5","status":"publish","type":"post","link":"https:\/\/bzaccounting.ca\/zh\/news-5\/","title":{"rendered":"Changing your rental or business<br>property to a principal residence"},"content":{"rendered":"<style>\/*! elementor - v3.5.3 - 28-12-2021 *\/<br \/>\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\n<p>When you change your rental or business property to a principal<br \/>\nresidence, you can elect to postpone reporting the disposition of<br \/>\nyour property until you actually sell it. However, you cannot make<br \/>\nthis election if you, your spouse or common-law partner, or a trust<br \/>\nunder which you or your spouse or common law partner is a<br \/>\nbeneficiary has deducted CCA on the property for any tax year after<br \/>\n1984, and on or before the day you change its use.<br \/>\nThis election only applies to a capital gain. If you claimed CCA on the<br \/>\nproperty before 1985, you have to include any recapture of CCA in<br \/>\nyour business or rental income. Include the income in the year you<br \/>\nchanged the use of the property. If you need more information on<br \/>\nthe recapture of CCA, see the T4002, Self-employed Business,<br \/>\nProfessional, Commission, Farming, and Fishing Income guide or<br \/>\nT4036, Rental Income guide.<br \/>\nIf you make this election, you can designate the property as your<br \/>\nprincipal residence for up to four years before you actually occupy it<br \/>\nas your principal residence.<br \/>\nTo make this election, attach to your income tax and benefit return<br \/>\na letter signed by you. Describe the property and state that you<br \/>\nwant subsection 45(3) of the Income Tax Act to apply. You have to<br \/>\nmake this election by whichever of the following dates is earlier:<br \/>\n\u2022 90 days after the date the CRA asks you to make the election<br \/>\n\u2022 the date you are required to file your income tax and benefit<br \/>\nreturn for the year in which you actually sell the property<\/p>","protected":false},"excerpt":{"rendered":"<p>When you change your rental or business property to a principal residence, you can elect to postpone reporting the disposition of your property until you actually sell it. However, you cannot make this election if you, your spouse or common-law partner, or a trust under which you or your spouse or common law partner is&hellip; <a class=\"more-link\" href=\"https:\/\/bzaccounting.ca\/zh\/news-5\/\">\u7ee7\u7eed\u9605\u8bfb<span class=\"screen-reader-text\">Changing your rental or business<br \/>property to a principal residence<\/span><\/a><\/p>","protected":false},"author":2,"featured_media":256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[17],"class_list":["post-2343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-first-post-on-right","entry"],"_links":{"self":[{"href":"https:\/\/bzaccounting.ca\/zh\/wp-json\/wp\/v2\/posts\/2343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bzaccounting.ca\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bzaccounting.ca\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bzaccounting.ca\/zh\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bzaccounting.ca\/zh\/wp-json\/wp\/v2\/comments?post=2343"}],"version-history":[{"count":16,"href":"https:\/\/bzaccounting.ca\/zh\/wp-json\/wp\/v2\/posts\/2343\/revisions"}],"predecessor-version":[{"id":3016,"href":"https:\/\/bzaccounting.ca\/zh\/wp-json\/wp\/v2\/posts\/2343\/revisions\/3016"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bzaccounting.ca\/zh\/wp-json\/wp\/v2\/media\/256"}],"wp:attachment":[{"href":"https:\/\/bzaccounting.ca\/zh\/wp-json\/wp\/v2\/media?parent=2343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bzaccounting.ca\/zh\/wp-json\/wp\/v2\/categories?post=2343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bzaccounting.ca\/zh\/wp-json\/wp\/v2\/tags?post=2343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}