Free Download
The Letter With No Form Number: Your 45(2) Election Prep Sheet
The day you hand a tenant the keys, the Income Tax Act deems you to have sold your condo — and the only thing that defers it is a signed letter with no form number, due with that year's return. This prep sheet covers what the CRA says the letter must contain, the deadline nothing reminds you about, and the one claim that silently cancels it.
PDF5 itemsFor landlords
Want the full guide? Read our complete article
What's Inside
All 5 steps
- Get a dated professional appraisal of fair market value before the tenant moves in — everything downstream is measured from that one number
- The change of use happens the day the use changes, not the day you decide
- The letter must be signed by you, describe the property, and state that you want subsection 45(2) to apply
- Claim capital cost allowance once and the election is treated as rescinded from the first day of that year
- Late-filed elections are discretionary — and often refused where more than one residence is owned
Get Your Free Copy
Enter your email to download instantly