Sentences with phrase «definition of a principal residence»

Such property may be considered a principal residence of the individual under Canadian law if all of the other requirements of the definition of a principal residence are met.

As discussed above, paragraph (c. 1) of the definition of principal residence in section 54 of the Act enables a trust, in effect, to claim the principal residence exemption if very specific conditions are met.

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.

Fourth, properties do not need to be Canadian properties to be considered principal residences as long as all of the other conditions are met in the definition of principal residence.

The definition of principal residence also contains a size restriction on the immediately contiguous land to the housing unit (not to exceed a half hectare unless the taxpayer can establish that any excess was necessary for the use and enjoyment of such property — the courts are littered with cases where the taxpayer has argued that the excess land is necessary for the use and enjoyment of the property).

Not exact matches

That's the definition of a qualified principal residence under the terms of the Act.

The home must be your principal residence (the definition of which is known with certainty by no one).

If your co-habitation was more than occasional, and you meet the definition of a common law couple, everything gets more complicated: only one tax exempt principal residence between the two of you is allowed.

The definition of a Second Home from a lending perspective is a property that you will use for personal use, but which is not your principal residence.

Second, the principal residence exemption in paragraph 40 (2)(b) relies on the definition of «principal residence» in section 54 of the Act.