Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Principal Issues: 1. Taxpayer has commented on content in guide T4036, Rental Income.
Position: 1. No position taken.
May 3, 2013
XXXXXXXXXX
Dear XXXXXXXXXX:
Thank you for your correspondence of March 22, 2013, about capital gains and Chapter 4 of Guide T4036, Rental Income.
I appreciate receiving your comments. The Canada Revenue Agency (CRA) strives to continually improve its publications and Web site and offer tax information and forms that are technically correct, clear, and easy to understand. The CRA helps taxpayers understand tax laws by giving them general and technical information through its Web pages and online publications like its new income tax folios.
The CRA encourages taxpayers to read a publication in its entirety to make sure they consider all relevant income tax issues. In this regard, in Chapter 5 of Guide T4036, the CRA offers information about capital properties that could qualify as a principal residence and discusses the change in use of a property from a rental property to a principal residence. The CRA explains that the choice to delay reporting capital gains is unavailable to a taxpayer if capital cost allowance has been deducted on the property for any tax year after 1984.
The CRA welcomes taxpayer feedback on its products, and your comments about Guide T4036 have been noted.
I trust that the information I have provided is helpful.
Yours sincerely,
Gail Shea, P.C., M.P.
Minister of National Revenue
Robert Dubis
905-721-5191
2013-048453
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