Converting Principal residence to rental

I rented the property prior to mandatory declaration of deemed disposition (In 2014). I did not submit the election under section 45(3).
Do I have to do it now or wait until I sell. It is still rented out
If I have to do, is there a specified form or just a plain letter will do.
I also did not do proper appraisal. Will the market value or houses sold in the building suffice.
Any suggestions

Since ITA S230 mandates proper record-keeping for business and property income, the client should specifically hire the accountant to maintain and/or correct the record keeping of this income producing property for all years, beginning with purchase and start of rentals.Possibly zero years are available for election.

1 Like

Oh boy…some of the queries on here…