CRA indicates that vacant land which previously had been rented-out did not qualify as a “former business property” for s. 44 purposes

CRA indicated that a property, which apparently was sold by the taxpayer because it could no longer be rented out to third parties, did not qualify as a “former business property” for purposes of the replacement property rollover in s. 44, stating that property which “is vacant but would otherwise earn rent, would not qualify.”

Neal Armstrong. Summary of 26 July 2024 External T.I. 2024-1014761E5 under s. 248(1) – former business property.