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4/21/2016
VerifiedIt is illegal not to report this income for tax purposes as it is income for sure. But the tax owing is only on the profit and you can likely reduce the rental income by valid expenses such as condo fees. If this is an income producing property you will need to pay capital gains tax. This is a serious issue since you've been renting for 7 years and not reporting this so I think it is most prudent to retain an accountant to assist you going forward. You can do a voluntary disclosure and not face any penalties.
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