How to Maximize Your Principal Residence Exemption in Canada

Описание: 💰 Download any of our FREE eBooks available on our website to learn secret tax tips that will help you save more money on taxes: http://madanca.com/free-tax-secrets/

📌 Timestamps:0:00 - Intro0:38 - What is the Principal Residence Exemption (PRE)?2:06 - CRA formula to calculate tax exemption3:11 - Capital property vs. inventory — key red flags3:52 - Outro

🏠 How to Maximize the Principal Residence Exemption in Canada | Avoid CRA PenaltiesThinking of selling your home, cottage, or vacation property? The Principal Residence Exemption (PRE) can help you eliminate or significantly reduce capital gains tax—but only if you apply it correctly. In this video, CPA Allan Madan explains the PRE rules in Canada and shares expert strategies to help you save thousands when selling your property.

📝 What You’ll Learn:
What qualifies as a principal residence under CRA rules
The meaning of “ordinarily inhabited” and why it matters
How to calculate your PRE using CRA’s formula
Whether to designate your city home or cottage for the exemption
When CRA might audit your PRE claim and what proof to keep
The difference between capital property and inventory
Who is at risk of losing their PRE eligibility (real estate agents, flippers, etc.)
How to complete Schedule 3 and Form T2091 to claim your exemption

📈 Key Topics Covered:
PRE eligibility and designation strategies
Tax planning for homeowners with multiple properties
Understanding capital gains vs. inventory rules
Common CRA audit triggers and how to avoid them
Real estate tax tips for Canadians selling in 2024

🙋‍♂️ Who Should Watch This Video:
Homeowners planning to sell in 2024 or beyond
Canadians with multiple properties (primary + secondary homes)
Cottage and vacation property owners
Real estate agents, builders, and developers
Anyone looking to reduce capital gains tax on home sales

💡 Takeaway:The Principal Residence Exemption is one of the most powerful tax tools available to Canadian homeowners. But it only works if you understand the rules and apply them strategically. Watch this video to avoid costly mistakes and learn how to maximize your tax savings when selling your home.

👤 About Allan Madan, CPAAllan is a Chartered Professional Accountant with over 20 years of experience in Canadian real estate tax planning. As the founder of Madan Chartered Accountant, Allan helps individuals and businesses reduce tax burdens and stay compliant with CRA regulations.

📞 Contact Us for Personalized Tax Help:
Website: https://madanca.com/LinkedIn:   / allan-madan-61b9033  
Twitter:   / madan_ca  
Facebook:   / madancharteredaccountantinstagram:     / madanaccounting  

📢 Disclaimer:This video is for general informational purposes only and does not constitute legal, financial, or tax advice. Please consult a qualified professional before making any financial decisions. Madan Chartered Accountant is not responsible for actions taken based on this content.


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