hi
I have a situation for my client
client lived in AB from 1998 till now. The house in CGY was family's principal residence all this years
The family moved to Vancouver and owns a condo which was rented from 2019 to 2020
But fully occupied by the family in 2021.
Since the son lives and works in Calgary ( 32 years old- not a child) they don't want to sell that property.
But want to declare this condo in Vancouver as their principal residence from 2021 and going forward and CGY house deemed to be sold
How do I go about and get this done. These are the research I have done
one option
File form T2091 in 2021 tax year and declared deemed to be sold and get the full exemption taking the FMV and here after it will be for personal use
Any gains received until it is actually sold will be reported in that year
And condo in Vancouver also deemed to be sold ( taking the ACB and FMV) from rentals to personal use
File tax return as BC resident
Or I have to file any election 45 (2) with the tax return- that makes the client to be reporting the CGY residence as PR for 4 more years
I don't want that happen because he will not declare anymore CGY house as his PR after 2021
More info
Wife -is not working and moved to Vancouver permanently but the guy who was almost retired when this whole move happened but got the job in CGY and moved to CGY just for job
when the client applied for BC residency stating their move but
To become BC resident- this is what the office is asking to provide
email from the office
Proof that he terminated a lease, other contracts, or sold a residence in Alberta
Documents showing that he shipped or transported personal belongings to BC
Any other documents he feels can show his ties ending in AB and/or that your current arrival is of a permanent nature and has a settled purpose
how can he answer above questions when
No shipping is done and no house is sold. How will the TP reply to the office and how can they become BC residents
Any help would be appreciated.
Thank you
