Election 45(2) primary residence change in use
It says when changing primary residence to income producing property, election can be made so one does not have to report capital gain for change in use.
in order to use election 45(2) for up to 4 years, all of the following condition must be met:
- do not designate any other property as your primary residence
- resident or deemed to be resident of Canada
Does one have to designate a primary residence when their living in Canada?
If I rent out my current house and go live with my parents, does that qualify?
If my gf and I have our own houses, we move into one of them together, and rent out the other does that qualify?