Deemed Disposition of Rental Property in Canada?

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rhe707
Posts: 7
Joined: Fri Apr 21, 2023 8:07 pm

Deemed Disposition of Rental Property in Canada?

Post by rhe707 »

Hello,

I moved to the US in 2022, and hoping to file as a Canadian non-resident in 2022. I've two rental properties in Canada.

Property 1 : purchased in 2020, and rented renting it out immediately.

Property 2 : purchased in 2018, lived in this property until 2021, rented it out in Oct 2021. Filed for subsection 45(2) to elect out of deemed disposition (i.e. get exempted from “change in use”) in tax year 2021.

I moved to the US in Feb 2022. I don't intend to sell any of these properties for the next 2-3 year at the least.

Now for tax year 2022 (for which I'm filing as a Canadian non-resident), do I need to do a deemed disposition of any of these properties? And if so, which form/s should I be filling in?
nelsona
Posts: 18262
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Deemed Disposition of Rental Property in Canada?

Post by nelsona »

So, first, you will file as a DEPARTING resident (Emigrant), not a non-resident.

You do not *need* to do anything for deemed disposition. You do need a fair market eval for both, for future taxation ion both US and Canada.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
rhe707
Posts: 7
Joined: Fri Apr 21, 2023 8:07 pm

Re: Deemed Disposition of Rental Property in Canada?

Post by rhe707 »

thank you!
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