Sentences with phrase «disposed of your principal residence»
A: Stefan, you are deemed to have disposed of your principal residence in 2011 when you started renting it out.
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Prior to 1981, each spouse could designate their own principal residence («PR») which, in most cases, made the income tax implications of disposing or gifting a family cottage a null and void issue.
They are not required to sell or dispose of their current home, but the new home must become their principal residence.
As a result, all family units are restricted to sharing the principal residence exemption for every calendar year for properties disposed of after 1981.
In effect, this will prevent a non-resident of Canada from being able to dilute their taxable capital gain on the disposition of an otherwise principal residence in years where they acquire and dispose of properties.