Principal Residence Exemption | SELLING YOUR HOME IN CANADA

Описание: What happens when you sell your home in Canada? In the video, we discuss the principal residence exemption on the sale of your home. We also discuss the considerations when you have more than one principal residence. There is a new anti-flipping tax in Canada. When there is a change in use of the property, there will be a “deemed disposition”. There are elections that can be made to prevent the deemed disposition from occurring, if you meet the criteria.

CRA guidance on reporting sale of principal residence: https://www.canada.ca/en/revenue-agen...

CRA guidance on change in use of property
https://www.canada.ca/en/revenue-agen...

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Timestamps
0:00 - Introduction
0:22 - Selling real estate in Canada
1:00 - Definition of principal residence
1:44 - Examples of multiple principal residences
4:48 - How to report the sale
5:09 - Change in use (deemed disposition)
6:05 - Elections
6:29 - Anti-flipping tax
7:44 - Outro

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Disclaimer – The information presented in this video is for entertainment purposes only. Although I am a Chartered Professional Accountant, I am not your accountant and therefore, the information should not be taken as financial or legal advice. Every individual's situation is unique, and it is important to consult with a qualified financial or legal professional before making any decisions related to your personal finances or legal matters.