Change of principal residence?

xiongBaoDiDi

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Sorry can't type Chinese.



I have a question regarding changing of principal residence. I moved to new home and rented the old home.



I remembered there seems to be 1 year flexible time that I can treat both places as principal residence? Is that right?



But in that case, say if I want to keep my old home as principal residence for 1 more year, I won't be able to report CCA for that year either, right?



Which is best option for me now?



Thanks!
 

T&G

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I remembered there seems to be 1 year flexible time that I can treat both places as principal residence? Is that right?

But in that case, say if I want to keep my old home as principal residence for 1 more year, I won't be able to report CCA for that year either, right?

Which is best option for me now?
In any year, you can only have one as your principal residence.

Your principal residence become a rental property, you can elect to have the rental property continue to be your principle residence for the 4 years after it became a rental property. You will need to make the election when you file your tax return.
 
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