Sentences with phrase «cottage as her principal residence»

Finally, you could shelter some or all of the profit by declaring the cottage as your principal residence.

You could treat the cottage as your principal residence, with the transfer to your stepchildren therefore being tax - free.

Would declaring the cottage as her principal residence help?

Not exact matches

Nor did he report the sale of his cottage in 2014 because he correctly understood that a cottage can also generally qualify as a principal residence.

«Even though you may have a property that you consider to be your principal residence, such as the family home where you live most of the year, another property, such as a cottage or even a vacation property located outside of Canada, can be your principal residence,» he says.

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.

So, if you own and live in a detached or townhouse, a condominium, a cottage, a mobile home, a trailer or even a live - aboard boat, you can designate the property as your principal residence.

So rental properties, cottages, vacation properties, etc. may be subject to capital gains tax if they don't qualify or you don't elect to treat them as your principal residence — even if they're in another country.

You may also be limited in doing so if you had a previous principal residence that you sold during the time you have owned the cottage and you treated it as your principal residence, with no capital gains tax payable.

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.

Fifty - five per cent would be willing to make compromises with regards to their financial or lifestyle choices, such as purchasing a property with family and friends, renting out their cottage, making a cottage their primary residence, buying a fixer - upper or moving into a smaller principal home in the city.