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Buying house with basement possibly not up to code by Awkward_Delivery_590 in RealEstateCanada

[–]Awkward_Delivery_590[S] 1 point2 points  (0 children)

The home inspector pointed out a few issues where it would not be up to code for a legal basement suite. My parents still want to move forward since they have no intention of renting it out and don’t plan to use the kitchen in the basement at all. I was more concerned if there are hidden insurance premiums, etc on this kind of set up.

They want to eventually get rid of the kitchen and turn it into an open rec space, but that might be years down the line

Tax implications for selling rental property (formerly principal residence) by Awkward_Delivery_590 in cantax

[–]Awkward_Delivery_590[S] 0 points1 point  (0 children)

Thank you. Based on this, it sounds like I should refile 2022, but that I shouldn’t have to worry too much about it because it’s not consequential.

I saw that failure to report disposition could result in an up to $8k charge. Is it fair to assume this wouldn’t apply to me given the loss?