I bought the old Target store in Barrie on June 12th, 2016. The building had been...

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I bought the old Target store in Barrie on June 12th, 2016. The building had been sitting vacant since Target closed down in 2015. I started using a space in the building as my business office immediately (albeit only a 200 square foot space) while I worked with investors and architects on my plan to convert it to a multi-residential building. I applied for a building permit to convert it to 25 rentable apartment units on April 19th, 2017. The permit was approved and issued on January 3rd, 2018. I began the renovations right away and the units were ready to be occupied and rented on January 1st, 2019. My accountant tells me that he coordinated with MPAC to ensure I was placed in the New Muti-Residential property class as soon as I qualified so I would get the lower tax rate, but that I will only be eligible for a limited time. What year will I lose this tax advantage? I bought the old Target store in Barrie on June 12th, 2016. The building had been sitting vacant since Target closed down in 2015. I started using a space in the building as my business office immediately (albeit only a 200 square foot space) while I worked with investors and architects on my plan to convert it to a multi-residential building. I applied for a building permit to convert it to 25 rentable apartment units on April 19th, 2017. The permit was approved and issued on January 3rd, 2018. I began the renovations right away and the units were ready to be occupied and rented on January 1st, 2019. My accountant tells me that he coordinated with MPAC to ensure I was placed in the New Muti-Residential property class as soon as I qualified so I would get the lower tax rate, but that I will only be eligible for a limited time. What year will I lose this tax advantage?

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ANSWER To determine when you will lose the tax advantage of being classified in the New MultiResiden... View the full answer