Sentences with phrase «as a principal residence»

Before 1982, each spouse could designate a separate property as a principal residence for a particular year, provided the property was not jointly owned.

In addition, you must occupy the home as your principal residence for more than six months of the year.

You're only allowed to designate one home as your principal residence for a particular year.

In this case the original property can be designated as the principal residence for enough years to offset the maximum amount of gains possible.

First, a family unit — and this includes spouses and any children under age 18 — can only designate one property as a principal residence in each calendar year.

If that's the case, if we assume she sold it in, say, 2010, the cottage will qualify as her principal residence for subsequent years, but not prior.

The home must be used as the principal residence of the borrower.

You must have equity in the house to pay off any outstanding balances, and your home must be occupied as your principal residence.

The line of credit is secured by collateral, such as the principal residence of the borrower.

Q: I bought a house in 2010 for $ 600,000 and lived in that house as my principal residence until 2013.

Would declaring the cottage as her principal residence help?

Also, because you are married, you and your husband may only designate one property per year as your principal residence.

This means you can claim the property with the highest gain as your principal residence for any given period.

So, you need to pick which property you'll be claiming as your principal residence for tax purposes, as only one home can be designated principal residence for any given year.

It may make sense to elect for one or the other to be treated as your principal residence between you and your ex to generate the smallest tax liability.

Only properties purchased as your principal residence qualify for the program.

* Owner occupants are those buyers that will occupy the property as their principal residence within 60 days of closing and will maintain their occupancy for at least 1 year.

In addition, you must occupy the home as your principal residence at least six months of the year.

A property owner can designate the property as their principal residence up to 4 years in which it isn't normally inhabited.

The loan is repaid when you die (from your estate), sell your home, or no longer live there as your principal residence.

However, for each year after 1981, couples and their unmarried minor children can only designate one home in total as their principal residence each year.

An employee of a builder purchases one of the builder's new homes or models as a principal residence.

We'll also assume that up until 2012, the condo was the only property owned and the only property that could be declared as a principal residence.

The home subject to the mortgage must be occupied by the borrower as the principal residence and the borrower must be current on mortgage payments.

In that case as a family unit you'd own two properties at the same time, but only one can be designated as your principal residence.

Currently, the home sale exclusion is available for the sale of a home used as your principal residence two out of the previous five years.

Homeowners who've lived in a home as a principal residence in two of the last five years are entitled to this exemption.

Borrowers must be at least 62 years old and occupy as their principal residence a home that has little or no mortgage debt remaining.

In fact, just because you live in a house you own doesn't mean it automatically qualifies as a principal residence.

Can she declare the cottage as her principal residence?

First: A family unit can only designate one property per year as a principal residence.

In order to minimize the tax impact, choose the property with the higher annual accrued gain as your principal residence.

You can be eligible for this program if you move into the property as your principal residence within 60 days of closing and live there for at least a year.

Buyers must live in the property they purchase as their principal residence.

This is great news for families with multiple properties, because you can claim the property with the highest gain as your principal residence for any given period.

Non-borrowing spouses, who are named in the HECM documents, will now be allowed to defer payment on the home and continue to occupy the home as the principal residence as long as they meet certain criteria such as paying taxes and insurance on the property.

Here is what you need to do: designate the family home as your principal residence under the Income Tax Act.

The property will qualify as a principal residence if the taxpayer, taxpayer's spouse or common - law partner, or any of the taxpayer's children lived in it at some time during the year.

You don't have to choose which house you designate as your principal residence immediately; you can make the election when you sell one of the properties, unless you decide to rent one of the properties.

Option 2: If you designated your house as your principal residence from 2001 to 2009, then you'd owe tax on the sale of your home (when you sold it) for the years 2010 to 2015, and you'd owe tax on the sale of your condo for the years 2002 to 2009.

Essentially, such conditions will eliminate all «vanilla» personal trusts from being able to designate a property as its principal residence unless such trust is:

If I have not owned a home as my principal residence between March 3, 2007 and my 2010 closing date, then I'm eligible for the $ 8,000 housing tax - credit program.

Investment properties, even if originally acquired as principal residences by the current borrowers, may only be refinanced for the outstanding principal balance.

Mr Maples claimed the maximum second home allowance possible while registering the RAC in London's Pall Mall as his principal residence.

In this example, only the $ 600,000 gain would be taxable at half your marginal rate, says Plaskett, as the principal residence portion of the building would be exempt.

That's because the CRA allows you to claim any property you own in Canada as a principal residence, as long as you ordinarily inhabit that property.

So in your case, if you were to rent your house out and move into a rental property with your spouse then you could still designate your house as your principal residence even though you're not living there — although you would still need to file a subsection 45 (2) election as part of your next tax filing.

Capital Gains with No Income Tax: Once every two years, single homeowners can accept a tax - exempt profit up to $ 250,000, as long as they owned and occupied the home as a principal residence during any two of the last five years before they sold.