Subsection 45(2) allows a taxpayer to elect as if a change of use has not happened. The taxpayer is required to send a letter to CRA making this election. A taxpayer can continue to elect the property as a principal residence for up to four years under subsection 45(2) election. In some cases, you can still file a late-election if you forgot to use the taxpayer relief provisions. Subsection 45(2) election does not exempt a taxpayer from reporting income earned from the property, the taxpayer must report all the income and expenses from that property.