Principal Residence

A principal residence is the primary location that a person inhabits. It is also referred to as a primary residence or main residence. It does not matter whether it is a house, apartment, trailer, or boat, as long as it is where an individual, couple, or family household lives most of the time.

When filing personal income tax returns, reporting a property sale can be confusing and expensive, depending on value appreciation and the capital gains tax owed.

Under Canada’s Income Tax Act (ITA), the sale of a residence can be exempted from tax under the Principal Residence Exemption (PRE).

People should be aware that only one property per year, per family (spouse or common-law partner and children under 18), can be designated a principal residence.

For more information regarding principal residence, contact us at 905 789-8827 or send us an email at info@wordpress-788565-2691973.cloudwaysapps.com

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