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If a person moves to find work, does not sell their home, and rents in the new location for several years, is the original home subject to capital gains if they sell it? It has been rented out in the interim.
—Hugh
Do you pay capital gains when you rent out a former principal residence?
When you change the use of a real estate property, there may be tax implications. This includes changing your principal residence to a rental property or business-use property, and vice versa.
In your case, Hugh, there were tax implications in the year you made the change, even though you did not sell it.
Change in use of a principal residence to a rental property
When you sell your principal residence—or when you are deemed to dispose of it—you need to report this on your tax return. Since 2016, any disposition of a principal residence must be reported on Form T2091.
When you dispose of your principal residence, assuming it qualified as such for all the years you owned it, you will not report a capital gain or owe income tax…
