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Sale of principal residence, line 179 option 2
Where in Profile do I make the adjustment for the number of years my current principal residence did not qualify (was renting). Lived in it for 6 yrs rented for 5 yrs and lived in it again for 7 yrs.
Do not see on T2091 where I can enter the years it qualified for Principal residence in order to lower capital gain.
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I think you should have filled out that form in the past (I might be wrong though) because when there is a change of use on a property, you are considered having sold the property. Please visit this link, and you might have to ask CRA
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You can file election 45(3) to defer taxable capital gain until actual disposition of property.
I am not sure where or how i show this on sched 3 or form T2091.
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On box 22 it will show up the numbers of years from line 7, and box 7 is the total number of years you owned
as per the election, it will not show up in Profile.
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I see it now, Thank you Mario