change in use of principal residence

Question

266 viewsDecember 12, 2023Personal Tax

0

Anonymous Posted December 7, 2023

Is there a penalty involved if election 45(2) is filed late after four years?

1 Answer

score 0 · Answer 1 · 2023-12-12T15:16:23+00:00

Hi Sammad,

The 45(2) election must be filed for the year in which the change in use of the property occurs. My understanding is that the CRA will not accept a 45(2) election that is filed past the due date.

change in use of principal residence

1 Answer

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