• —Principal residence is any housing unit or right to such unit owned by a taxpayer either by himself/herself or jointly and ordinarily inhabited by the taxpayer, taxpayer’s spouse or former spouse or taxpayer’s child at any time in the year.
• —Property must be designed as such in the year of disposal or deemed disposal
• Exemption applies to the building and up to one-half hectare of subjacent and adjacent land- additional land (>1/2 hectare) may qualify for the exemption if necessary for taxpayer’s use and enjoyment
• —Taxpayer owning more than one residence can designate only one residence for a given year as a principal residence ( for years after 1981)
• —Exemption portion of a gain on actual/deemed dispositon=1+number of years designated/number of years owned *gain
• —“years” refer to years after 1971
• —“1+” in the numerator was intended to protect one housing unit in a situation where a family sells one house and buys another in the same year.
• —In order to be in a position to use 1+ in the numerator the taxpayer must be willing to designate the housing unit as a principal residence for at least one year. (i.e. the numerator can never be 1+0)
• —One can designate up to four years of rental period as principal residence years even though the taxpayer wasn’t living there. (conditions purpose: business, school, employment)
• —Greater than four years is allowed if the taxpayer was transferred by his/her employer and moves back before selling the house.
• —NO CCA should be claimed while rented in order to claim the principal residence exemption
• —If more than one residence is sold during the year, it is beneficial to designate principal residence years first to the house with the max. capital gain per year.
• If you need further information, please contact Tax3E Financial Inc. at Email: tax6479564788@gmail.com or Phone: 1-647-764 8869

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