|I have a situation. My client owned a property with her brother in 2019. That was was her principal residence from 2019 until she got married in June 2020. She moved out of the house and living in a rented place with her spouse after marriage. She did not come out of the title yet. She wants to buy a house with spouse sometimes in 2021.|
|She is not eligible for MTG since she is still in title and may be no mtg obligation since her bro wants to take over the mortgage balance.|
|My question is - since she moved out in june 2020 and does not live there anymore- do I have to file T2091 as deemed sale -in 2020. Or wait until she buys the property and comes out of title from the PR she had and file in 2021 ? I need help. Thanks|
Solved! Go to Solution.
Hi Maragatham, I see no reason for a deemed sale. And there appears to be no actual sale either. Once she is removed from title and a sale of her half occurs then the schedule 3 will be completed and she will report the years that she used the house for PR. She might want to get a valuation ASAP of the house as at the time she moved out.