The Canada Revenue Agency (CRA) was asked if a taxpayer’s property designated as his “principal residence” but rented and lived in by his son continued to qualify as his “principal residence” for the purpose of claiming a principal residence exemption to shelter a gain from personal tax.
Principal residence exemption – renting to a child
By Derek de GannescloseAuthor: Derek de Gannes
Name: Derek de Gannes
Email: derek.degannes@rsmcanada.com
Site: https://www.rsmcanada.com/
About: Derek A. de Gannes: Senior Director, Private Client Services of RSM Canada. RSM Canada is committed to the highest level of integrity, quality and professionalism and provides clients with solutions in the area of Audit, Tax and Transaction Services. Email: derek.degannes@rsmcanada.comSee Authors Posts (133) • June 21, 2016
Email: derek.degannes@rsmcanada.com
Site: https://www.rsmcanada.com/
About: Derek A. de Gannes: Senior Director, Private Client Services of RSM Canada. RSM Canada is committed to the highest level of integrity, quality and professionalism and provides clients with solutions in the area of Audit, Tax and Transaction Services. Email: derek.degannes@rsmcanada.comSee Authors Posts (133) • June 21, 2016