Sentences with phrase «as its principal residence unless»
In addition, the definition of principal residence in section 54 contains detailed rules (in paragraph c. 1) that prohibits a trust (which is considered to be an individual for income tax purposes pursuant to the rule in subsection 104 (2) of the Act) from considering a property as its principal residence unless very specific conditions are met.
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Additionally, this tax credit does not have to be repaid unless the home is sold or is not used as the buyer's principal residence within 3 years after the initial purchase.
This is because you only own half the cottage and unless the capital gain is a large one, claiming it as your principal residence may open you up to a much larger tax bill on the sale of your home.
The daughter will have to pay half the capital gains due (unless she can claim the house as her principal residence), an amount far greater than $ 7,000.