Archive for the ‘Joint Tenancy’ Category

PRINCIPAL RESIDENCE EXEMPTION AND BENEFICIAL OWNERSHIP – AN UPDATE

Tuesday, July 12th, 2016

We know that if a property qualifies as a principal residence, an exemption can be claimed to reduce or eliminate any capital gain otherwise realized on the disposition of the property. Under the Income Tax Act, one of the requirements for a property to qualify as a taxpayer’s principal ...

Principal Residence – Duplex or Intergenerational House

Tuesday, June 7th, 2016

The Canada Revenue Agency (CRA) was asked if a duplex occupied by a taxpayer and her aging parent could be treated as the daughter's (taxpayer) "principal residence" for the purpose of claiming the principal residence exemption from the capital realized on the sale of the duplex at a later date. It ...