One of the more significant changes occurred in the early 1980s, when each spouse was no longer allowed to claim a principal residence exemption for different properties (thereby enabling married couples to «double - up» on
the benefits of the principal residence exemption).
Not exact matches
Benefits, including employee contributions, are not payable for employee hardships, unforeseeable emergencies, loans, medical expenses, educational expenses, purchase
of a
principal residence, payments necessary to prevent eviction or foreclosure on an employee's
principal residence, or any other reason except a requested distribution for retirement, a mandatory de minimis distribution authorized by the administrator, or a required minimum distribution provided pursuant to the Internal Revenue Code.
An additional
benefit to purchasing nationwide renters insurance from Effective Coverage is that there's a coverage overlap period while you are in the process
of moving your
principal residence.
Income received by foster parents is exempt, as is strike pay, income exempt by statute, certain war veterans» allowances and pensions, life insurance
benefits, inheritances, lottery winnings and gains calculated as exempt on the sale
of a
principal residence.
While this avoids taxing savings through clawed back
benefits, it will result in low - income support given to those with potentially large amounts
of financial assets (the same is true with housing today since the investment income from a
principal residence is not taxed).
So as the use
of employer - sponsored pension plans has fallen over the last 50 years, Canadians have made up for it by increasing savings in RRSPs and TFSAs as well as by prioritizing owning their own home, which brings tax free
benefits as the equity in their
principal residence grows.
A foreigner does not
benefit from the Canadian exemption
of income tax on
principal residence for the obvious reason that the property is not his
principal residence since he lives abroad.
Q. TRIP INTERRUPTION — Subject to the Terms
of this insurance and in the event
of the Unexpected death
of a Relative
of the Insured Person, or in the event the Insured Person's trip or travel plans must be cancelled or interrupted as a result
of a break - in or substantial destruction due to a fire or Natural Disaster
of the Insured Person's
principal residence in his / her Home Country, the Company will reimburse the Insured Person's actual expense up to the amount shown in the Schedule
of Benefits / Limits for the costs
of a one - way air or ground transportation ticket
of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time
of learning
of such death or destruction to the International airport nearest to: (i) the location
of the Relative's funeral or place
of burial, or (ii) the Insured Person's destroyed
principal residence; subject to the following conditions and limitations:
R. TRIP INTERRUPTION — Subject to the Terms
of this insurance and in the event
of the Unexpected death
of a Relative
of the Insured Person, or in the event the Insured Person's trip or travel plans must be cancelled or interrupted as a result
of a break - in or substantial destruction due to a fire or Natural Disaster
of the Insured Person's
principal residence in his / her Home Country, the Company will reimburse the Insured Person's actual expense up to the amount shown in the Schedule
of Benefits / Limits for the costs
of a one - way air or ground transportation ticket
of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time
of learning
of such death or destruction to the International airport nearest to: (i) the location
of the Relative's funeral or place
of burial, or (ii) the Insured Person's destroyed
principal residence; subject to the following conditions and limitations:
Benefits will be paid up to $ 5,000 for the expense
of economy return travel ticket to return you to your area
of principal residence.
a Transportation
Benefit, which assists with the cost
of transporting the body
of the Insured, if he / she dies more than 200 kilometers from their
principal residence.
a Transportation
Benefit, which can assist with the cost
of transporting the body
of the insured if they die more than 200 kilometers from their
principal residence.
R. TRIP INTERRUPTION: Subject to the Terms
of this insurance and in the event of the Unexpected death of a Relative of the Insured Person, or in the event the Insured Person's trip or travel plans must be cancelled or interrupted as a result of a break - in or substantial destruction due to a fire or Natural Disaster of the Insured Person's principal residence in his / her Home Country, the Company will reimburse the Insured Person's actual expense up to the amount shown in the SCHEDULE OF BENEFITS / LIMITS for the costs of a one - way air or ground transportation ticket of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
of this insurance and in the event
of the Unexpected death of a Relative of the Insured Person, or in the event the Insured Person's trip or travel plans must be cancelled or interrupted as a result of a break - in or substantial destruction due to a fire or Natural Disaster of the Insured Person's principal residence in his / her Home Country, the Company will reimburse the Insured Person's actual expense up to the amount shown in the SCHEDULE OF BENEFITS / LIMITS for the costs of a one - way air or ground transportation ticket of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
of the Unexpected death
of a Relative of the Insured Person, or in the event the Insured Person's trip or travel plans must be cancelled or interrupted as a result of a break - in or substantial destruction due to a fire or Natural Disaster of the Insured Person's principal residence in his / her Home Country, the Company will reimburse the Insured Person's actual expense up to the amount shown in the SCHEDULE OF BENEFITS / LIMITS for the costs of a one - way air or ground transportation ticket of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
of a Relative
of the Insured Person, or in the event the Insured Person's trip or travel plans must be cancelled or interrupted as a result of a break - in or substantial destruction due to a fire or Natural Disaster of the Insured Person's principal residence in his / her Home Country, the Company will reimburse the Insured Person's actual expense up to the amount shown in the SCHEDULE OF BENEFITS / LIMITS for the costs of a one - way air or ground transportation ticket of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
of the Insured Person, or in the event the Insured Person's trip or travel plans must be cancelled or interrupted as a result
of a break - in or substantial destruction due to a fire or Natural Disaster of the Insured Person's principal residence in his / her Home Country, the Company will reimburse the Insured Person's actual expense up to the amount shown in the SCHEDULE OF BENEFITS / LIMITS for the costs of a one - way air or ground transportation ticket of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
of a break - in or substantial destruction due to a fire or Natural Disaster
of the Insured Person's principal residence in his / her Home Country, the Company will reimburse the Insured Person's actual expense up to the amount shown in the SCHEDULE OF BENEFITS / LIMITS for the costs of a one - way air or ground transportation ticket of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
of the Insured Person's
principal residence in his / her Home Country, the Company will reimburse the Insured Person's actual expense up to the amount shown in the SCHEDULE
OF BENEFITS / LIMITS for the costs of a one - way air or ground transportation ticket of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
OF BENEFITS / LIMITS for the costs
of a one - way air or ground transportation ticket of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
of a one - way air or ground transportation ticket
of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time
of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
of learning
of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
of such death or destruction to the International airport nearest to: (i) the location
of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
of the Relative's funeral or place
of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
of burial, or (ii) the Insured Person's destroyed
principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside
of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
of his / her Home Country at the time
of the Unexpected death of the Relative or the substantial destruction of the principal residence; a
of the Unexpected death
of the Relative or the substantial destruction of the principal residence; a
of the Relative or the substantial destruction
of the principal residence; a
of the
principal residence; and
Interruption
of Trip: If the Insured is unable to continue the Trip due to the death
of a parent, spouse, sibling or child; or due to serious damage to the Insured's
principal residence from fire, flood or similar natural disaster (tornado, earthquake, hurricane, etc.), the program will reimburse up to the maximum stated in the Schedule
of Benefits the Insured for the cost
of economy travel, less the value
of applied credit from an unused return travel ticket, to return home to their area
of principal residence.
Deferring taxes can be a real
benefit to home owners whose capital gain exceeds the $ 250,000 individual exemption on the sale
of a
principal residence or who haven't held the home for the two - year period required.