First post on this forum, any suggestion is appreciated!
I immigrated from the States in 2019 and started renting out my property there in 2020. I don’t own any other properties.
Apparently, I was not aware of the 45(2) election until I sold my property in 2023 and started working on my 2023 T1. I understand that I can probably make a late 45(2) election. Unfortunately, I have been taking the CCA from 2020-2022, which seems will make the election invalid.
My question is “Can I amend my 2020-2022 tax returns to remove the CCA, and make a late 45(2) election?” My concern is that it is very likely the CRA may see this as a retroactive tax planning" and deny the election.
Please consult an accountant in your area.
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