Your search results

Principal Residence Exemption

Posted by admin on April 1, 2017
| 0
For the 70% of Canadians who own a home, condo, townhouse or acreage, it is a place to live, raise a family, and connects them to their community. Due to Canada’s tax system’s Principal Residence Exemption, when we sell our homes, any increased value or “capital gains” are not taxed. This tax break matters to Canadian homeowners. Collectively, we have about $3 trillion in home equity and our homes are often our largest financial asset. However, starting with 2016 income tax returns, there are some changes in how homeowners qualify for the Principal Residence Exemption. Until now, the Canada Revenue Agency has not required Canadians to report on a home sale during a tax season. However, if you sold your home in 2016 or later, you will need to complete a Schedule 3, Capital Gains of the T1 Income Tax and Benefit Return in order to report your sale. The good news is that, in terms of taxes, nothing has changed. The same tax benefit is available to anyone who sells their home, condo, townhouse or acreage, provided the property was the principal residence for every year you owned it – even if you use part of your home for business purposes. There is no “new tax” involved, only a requirement you report the sale details on your tax returns.
  • Book An Appointment To View This Property

  • Sell Your Home For Top Dollar

    REMAX Lifestyles Realty

    Jim Williams-Peter Dushop have five decades of experience selling real estate. Whether you are buying or selling real estate, they have the right experience for you to lean on! Selling or Buying call or text 604 463 2200 . Selling? List Your Home For Sale Here!