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Canada Principal Residence Exemption

Importance of Form T2091, Designation of a Property as a Principal Residence

January 26, 2017

The Canada Revenue Agency (CRA) exempts the entire capital gain or a portion from the sale of a principal residence from taxes, if it qualifies. However, based on the current updated Principal Residence Exemption (PRE) regulations, it is mandatory to file forms, such as: Form T2091, Designation of a Property as a Principal Residence by...

Canada Tax personal taxes

Updated Canada Principal Residence Exemption Tax Regulation

January 24, 2017

In Canada, the capital gains from the sale of a qualifying primary residence is exempt from taxes. In the past, the individual was not required to report the sale on their personal income tax return provided the entire gain was eligible for exemption. However, on the 3rd of October, 2016 the federal government announced an...