Clawback and PPR

Hi All,

I realise this topic has been covered before but I cannot find an exact answer to my query and I would be grateful for any advice.

I purchased a one bed apartment in 2005 and drew down the mortgage in Nov 2006 and have had it as my PPR for over 2 years.

Last year I purchased a second hand house with my Fiancee and we paid the required stamp duty on it.We both pay the mortgage on the house and she claims TRS on it. I stayed there at weekends and midweek but the apt remained my PPR.

I now intend to rent the apt out and know I need to cease claiming TRS on it,start claiming TRS on the house and register with the PRTB. Is there anything else from a tax compliant point that I'm missing here? I believe I'm expemt from clawback as the 2 year period has elapsed.

Thanks,
J

JY1 said:

I stayed there at weekends and midweek but the apt remained my PPR.

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Are you sure that the apartment was your PPR?

I believe I'm expemt from clawback as the 2 year period has elapsed.

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Renting out a property which was your PPR for 2 years or more does not give rise to any SD clawback.

Other issues to consider - insurance (normal owner occupier cover will most likely not suffice for a rental situation) and mortgage (lender may need to be informed of the change of use).

I resided in the Apt from Sunday to Thursday and spent wends in the house. I stayed every Wednesday evening in the house. On that basis I considered the apt my PPR